Budget 2020: Good news for pension Account Holder
Good news for pension account holders, Budget may get good news in 2020!
Employees who fall under the Employees Provident Fund Organization pension scheme EPS can get good information in this price range. Under the scheme, growth in the minimum pension quantity may be introduced. Experts inside the field believe so. Along with this, the scope of Atal Pension Yojana (APY) may be extended and further tax exemption in NPS can also be announced. Finance Minister Nirmala Sitharaman will present the Budget for 2020-21 on February 1.
Labor corporations say that after the authorities could make a provision of a pension of Rs 3,000 for employees and businessmen working in the unorganized sector, then there's no point in giving much less pension to the employees working within the organized sector.
Brajesh Upadhyay, trendy secretary of the change union Bharatiya Mazdoor Sangh told the news agency "We have proposed to the authorities to increase the minimum pension amount from Rs 1,000 to Rs 5,000 month-to-month under EPS". This time the price range is expected to be introduced to growth the minimum pension.
According to Commander Ashok Raut, chairman of the 95 National Conflicts Committee, EPS, which is suffering to grow the pension of the employees, we met the labor minister and demanded a minimum pension of Rs 7,500 monthly at the side of dearness allowance for the employees beneath the EPS. Has He additionally claimed that there may be no additional burden on the government by growing the minimal pension of the personnel? He has submitted his full record in this regard to the Labor Minister.
The PM Shram Yogi Manadhan Yojana for unorganized sector workers and the Pradhan Mantri Small Trader Maandhan Yojana are being run for small traders. Both the schemes have a monthly pension of Rs 3,000-3,000 for the beneficiaries after the age of 60 years.
On the other hand, pension fund regulator PFRDA has also advocated tax exemption on investment of up to at least one lakh rupees inside the new pension system (NPS) in the approaching budget. At gift, person taxpayers get additional tax advantage on investments as much as Rs 50,000 on NPS beneath Section 80 CCD (1B) of the Income Tax Act.
Apart from this, PFRDA has also asked the Finance Ministry to increase the age limit from forty to 60 underneath the Atal Pension Scheme. In addition, the existing most pension limit has been expanded from Rs 5,000 to Rs 10,000 month-to-month. At gift, Atal Pension Yojana can be taken from 18 to forty years old.
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