Union Minister Jitendra Singh has made changes in the rules related to family pension after the death of a government employee. Giving information about these changes, he said that if there is a disabled member in the house of a government employee and he has no means of earning a livelihood, after the death of a government employee, the government will give him a lifetime pension. After all the discussions, the Modi government has changed this existing system. According to the Central Civil Service Pension Rules 1972 (54/6), if the total income of the dependent family of a government employee is more than the last salary of the employee, then pension will not be given to them. On the other hand, if the total income of the dependent family is less than 30 percent of the employee’s final salary, then the deceased dependents will have the right to get pension for life. Apart from this, differently abled dependents will get a lifetime pension as per the new rules. Good news for central government employees. For disabled people
The Government is of the view that the income norms for Central Government employees who are eligible for family pension, applicable in case of other family members, cannot be applied in case of a child / sibling suffering from disability. Therefore, the government has reviewed the income criteria for eligibility for family pension in respect of a child / sibling / sister suffering from disability and has decided that the income criteria for eligibility for family pension to such children / siblings. Will be commendable with the amount of money. In his case entitled Family Pension Accordingly, the Department of Pensions and PW has issued instructions / orders, which is the child / brother of a deceased Central Government employee or pensioner who is suffering from mental or physical disability, of family pension for life. Will be eligible for, if his / her total income, other than family pension,
Big decision for government employees
The central government has taken a major decision for government employees. The limit of family pension to be given after the death of the employee increased from 75 thousand to 1. 25 lakhs. Union Minister of State for Personnel Jitendra Singh said that this decision will ease the life of the family members after the death of a government employee. They will get financial security. In the current rules, a government employee gets a pension on death of a government employee after his death or service. Whereas both die the child gets two family pensions. Minister Jeetendra Singh said that there were two categories in the family pension amount. In one, the maximum wage limit was 50 percent and the other was 30 percent. The Sixth Pay Commission had earlier considered the maximum salary limit of Rs 90 thousand. He further said that according to this, 45 thousand in the category of 50 percent pension and Rs 27 thousand per month was available in 30. Now, according to the recommendations of the Seventh Pay Commission, the maximum salary limit is 2. 5 lakh rupees per month. In such a situation, Rule 54 of the Central Civil Services Pension Rules 1972 has been amended under sub-rule 11. Now 50% of 2.5 lakh rupees i.e. 1.25 lakhs and 30 percent of 2.5 lakhs has been increased to 75 thousand rupees.
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This is the current rule of pension
As per Rule 54 (6) of CCS (Pension) Rules, 1972, the child / brother of a deceased Central Government employee or pensioner suffering from a mental or physical disability is eligible for a family pension for living, if he or she Suffering a disability that makes him unable to earn his livelihood. Currently, a family member, including a child / sibling with a disability, is considered to earn his / her livelihood if his / her income from sources other than family pension is at or above the minimum family pension ie 9000. / – and is acceptable for dearness relief. In case of a child / sibling, suffering from a mental or physical disability who is not currently in receipt of family pension due to non-fulfillment of the first income criteria, the family pension will be given to him / her, If he / she meets the new income criterion and also meets the other conditions for grant of family pension at the time of death of a government employee or pensioner or previous family pensioner. However, in such cases, financial benefits, potentially no further arrears for the period before the date of death of the Government servant, pensioner or previous family pensioner, will be admissible.
New provisions in old age pension scheme
In Jharkhand, now every aged poor will get pension. Cabinet approves the proposal to include everyone in the Chief Minister State Old Age Pension Scheme for the helpless of 60 years or more. The government has started work on the action plan to provide pension to about three lakh 65 thousand additional elders in the state. In the meeting of the Council of Ministers, post-approval approval of 100 percent disallowance of the eligible persons under the Chief Minister State Pension Scheme operated under the State Scheme. After this approval, seven lakh 30 thousand old people of the state will get the benefit of the pension scheme.
NPS National Pension System Benefits that NPS Scheme Beneficiaries Should Know
NPS NPS Scheme: The National Pension System (NPS) is one of the lowest cost pension schemes globally and it can be concluded that investing in NPS not only helps in reducing taxable income, but Also able to build a corpus that is necessary to lead a dignified life after retirement. However, among many NPS scheme beneficiaries, it is well known that income tax benefits can be claimed on investments up to Rs 2 lakh in an NPS account in a particular financial year (Rs 1.5 lakh under Section 80C and Section 80 CCD 1 50,000 under B) B). However, there is an income tax benefit partly on withdrawals and GST is also exempt on purchase of annuity. Speaking on the income tax benefit on partial NPS withdrawal, SEBI registered tax and investment expert Manikaran Singhal said, ” The NPS scheme allows partial withdrawal to an NPS account holder. As per NPS withdrawal rules, any person can withdraw up to 25 percent of his net. Contribution which is 100 percent income tax exemption under Section 12B of Income Tax Act, 1961. “Singhal said that under the NPS scheme, an investor is allowed partial withdrawals on three occasions throughout the entire investment period and there should be a 5-year gap between the two withdrawals.
National Pension System: How much money and how much you can withdraw partially
Partial withdrawal from the National Pension System (NPS) account has also been made possible through an online process by the Pension Fund Regulatory and Development Authority (PFRDA). However, industry experts suggest that unless there is an emergency, one should not be encouraged to withdraw from the retirement fund. Even though partial withdrawal is possible, account holders can make partial withdrawals from their NPS funds only after they have completed 3 years. Additionally, there is a limit to how much can be withdrawn. A customer can withdraw up to 25 percent of his own contribution. For example, if you have invested Rs 6 lakh in your NPS account, you will be able to withdraw only Rs 1.5 lakh, which is 25 percent of your own contribution.
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Previously NPS did not allow partial withdrawal, but now partial withdrawal can be done, but only for specific purposes, such as for the marriage or education of the child, illness or disability, purchase of property, etc. Keep that there are limits. Partial withdrawals can be done several times. Only 3 partial withdrawals can be made in the overall tenure of an account. In addition, there should be a 5-year difference between the two withdrawals. However, if evacuation is being done for the treatment of a specified disease, this intermittent condition does not apply.
How to withdraw from your NPS account?
In order to make a withdrawal, the account holder is not required to submit an application to the nodal office or point of presence, with documents verifying the reasons for partial withdrawal. In the online application instead, the account holder can make just one self-declaration, and the money will be transferred to their bank account on the 5th day.
NPS partial withdrawal tax-free
Industry experts say partial withdrawal is tax-free. However, tax treatment will be different if you exit your NPS account prematurely, which is before the age of 60 years. In that case, you would be allowed to withdraw only 20 percent of the money as a lump sum, while the remaining 80 percent would have to be made annually. Keep in mind, even though the lump sum will be exempt from tax, the income from the annuity will be added to your income and taxed at the slab rate.
