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Pension Rules : Gift to pensioners, the central government made important changes in the rules, know who will benefit

Pension News: The Ministry of Electronics and IT has issued a circular regarding this. Which states that organizations should find alternative ways to give life certificates. Also, the National Informatics Center will have to follow the circulars and guidelines issued by the Aadhaar Law 2016, Aadhaar Regulation 2016 and UIDAI from time to time. The central government has given great relief to millions of pensioners of the country. Now pensioner elders will not need an Aadhaar card to get a life certificate. Along with this, the Aadhaar authentication has been made voluntary to put an attachment in the messaging app and government offices. Life certificate has become an essential part for pensioners. It started when the elderly had to bother to give proof of being alive to get their pension. Even where used to work, The pension disbursing agency had to bring a life certificate from there. After the introduction of the digital facility, many of the pensioners’ problems were reduced to some extent. But many pensioners complained that they were having difficulty in getting pension due to not having an Aadhaar card. Their thumbprints do not match.



Essentials of Aadhaar end in message app

It is also made voluntary by eliminating the imperative of Aadhaar on the message app used in government departments. This app is being used by more than 150 government organizations / institutions. After making Aadhaar voluntary, the government now wants to make it available to the public as well.

Voluntary basis for attendance at offices

Biometrics attendance was arranged for the presence of employees in government offices. Aadhaar authentication was also required for this, but the government has also made it voluntary through its new circular and organizations have been asked to explore other options for attendance.

From April 1, these changes will be monitored, changes in salary structure, increase in PF fixed

From April 1, 2021, many such rules and laws will be changed, which will have an impact on employees and businessmen to pensioners. Despite the current rates and slabs of income tax being unchanged, with the new labor law coming into force from next month, there will be a change in the salary structure. This will contribute more to the employees’ provident fund (PF) than before. Under the new labor law, the basic salary will have to be increased to at least 50 percent of the total salary. This will benefit the employees with less than 50 per cent stake. Increase in basic salary will increase the contribution of PF. In this way, their savings will increase.

Gratuity Period will be reduced: Under the new labor law, the time limit for gratuity is also being reduced. Currently, gratuity is paid by working for five consecutive years in a company.

Tax on excess PF contribution: In the new fiscal year 2021-22, tax provision has been implemented under income tax on PF contribution of more than Rs 2.5 lakh. Income taxpayers who earn more than two lakh rupees per month will normally come under this radius.

Exemption for the elderly from filling ITR: Elderly pensioners who have crossed 75 years of age are exempted from filing Income Tax Return (ITR). This facility will be available only to those whose income source is pension and interest on it.

LTC Incashment Period will end: The period of exemption for employees under Leave Travel Concession (LTC) voucher is up to 31 March 2021. That is, its benefits will not be taken from next month.

E-invoice will be compulsory: Under the Business to Business (B2B) business, from April 1, e-invoice will be mandatory for all those businesses whose turnover is more than Rs 50 crore.

Pensioners will get the benefit on the basis of the seventh pay commission

In the meeting of the Prayagraj Development Authority (PDA) Board, several decisions were taken in the interest of the allottees, developers and retired employees. The board unanimously decided to take the interest from the allottees for two years in view of Kovid-19, cut development charges and give pensioners benefits on the basis of the Seventh Pay Commission. Land use changes of two sites were also approved. The budget for the financial year 2021-22 was also passed. The PDA employees who have been retired were still being given benefits on the basis of the sixth pay scale. However, the board decided to give pension and other benefits to the pensioners on the basis of the Seventh Pay Commission.



Government took steps to increase enrollment under Atal Pension Yojana

The Atal Pension Yojana is a Government of India scheme launched on May 9, 2015, and has become operational from June 01, 2015. It is open to all citizens of India between the age of 18-40 who have a savings bank account or post office in the bank. Customers will get the benefit of the scheme on attaining the age of 60 years. Five pension scheme slabs are available under the scheme, Guarantees of 1000, ₹ 2000, sl 3000, 4000, and ₹ 5000 are given by the Government of India to the customer at the age of 60 years. On the death of the customer, equal pension is guaranteed to the spouse by the Government of India. Return of full pension corpus to the nominee in the event of death of both the subscriber and spouse. If the actual return during the accrual phase is higher than the return assumed for the minimum guaranteed pension, such excess will be passed on to customers. Anurag Singh Thakur, The Union Minister of State for Finance and Corporate Affairs has listed the following measures being taken by the government to increase enrollment under APY. This was stated by Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur in a written reply to a question in the Lok Sabha.

– Members can now upgrade or downgrade the pension amount at any time during the financial year. This facility can be availed once during the financial year.

– Official mobile apps for using APY accounts, as well as value-added features such as E-PRAN and E-SOT are online for using PRANs and transaction details under APY accounts.

– As a step towards easing PY subscribers, an alternative paper-less mode for the existing SB customers of the on-boarding bank under the Atal Pension Yojana is approved by the PFRDA without using the banks’ net-banking has gone.

– About 17 banks providing on-boarding facility using net-banking have been identified. NSDL has been advised to enable on-boarding of customers using the APY app using the net banking URLs of these banks.

– The APY app is now live on the Unified Mobile Application for the New Age Governance (UMANG) platform.

– Pension Fund Regulatory and Development Authority (PFRDA) officials hold regular review meetings with bank officials to review the progress of implementation of APY across the country.

– Complaint module is available for APY customers

Capacity building of bank branch officers through various training programs.

– The government has disbursed the co-contribution amount of 21 57,078.22 lakhs till February 2021 under the Atal Pension Yojana.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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