Union Budget 2024: Central employees may get a guarantee from the Finance Minister from Budget 2024. This guarantee can be a 50% guarantee on pension in NPS. It is being speculated that the Finance Minister may announce 50 percent on pension in NPS to the employees.
The morning of 23 July is bringing a new light in the lives of central employees. The country’s budget is to be presented. As soon as the Finance Minister will put the budget on the table of the Lok Sabha, perhaps the tension of old age of the central employees will be removed. It is expected that the biggest announcement can be made for the central employees. The long-standing demand can be fulfilled. Central employees are also very excited about the Union Budget 2024.
Will the employees get the ‘guarantee’ of the Finance Minister?
Central employees can get the guarantee of the Finance Minister from Budget 2024. This guarantee can be a 50% guarantee on pension in NPS. It is being speculated that the Finance Minister can announce 50 percent on pension in NPS to the employees. Actually, central employees on the National Pension System (NPS) can get a pension guarantee of 50 percent on the last salary as pension.
Why will this decision be taken?
The government knows that giving 50% pension to employees who have been in service for the last 25-30 years can be a good decision. Experts believe that it is not a big deal for the government to guarantee 40 to 45 percent pension. But, this will not be enough. Political aspects will also have to be looked at to meet the demand. Therefore, the Modi government at the Center is considering giving 50% pension guarantee.
How much pension will be given if announced?
Employees can get a big relief by getting the guarantee on pension. Suppose the last salary of an employee before retirement is Rs 50,000, then he will get Rs 25,000 as pension every month. However, adjustments can be made in this for the duration of the employee’s job and the contribution and withdrawal made by the employee from the pension fund.
The Finance Minister herself had formed the committee
In the year 2023, Finance Minister Nirmala Sitharaman herself announced that a committee would be formed for this. After this, a committee was also formed under the leadership of Finance Secretary TV Somanathan. The purpose of the committee was to find ways to improve pension benefits under the National Pension System (NPS) without returning to the non-contributory Old Pension Scheme (OPS).
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