To increase the scope of Atal Pension Yojana (APY) and additional tax exemption in the National Pension Scheme (NPS) can also be announced. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) will present the budget of 2020-21 on 1 February. This is the first time that the government is presenting the budget on Saturday.
Employees who fall under the Employees Provident Fund Organization (EPFO) Employee Pension Scheme (EPS) can get good news in the Budget 2020. Finance Minister Nirmala Sitharaman can announce increase in Minimum Amount under EPS. Experts believe that along with this, the scope of the Atal Pension Scheme (APY) and additional tax exemption in the New Pension Scheme (NPS) can also be announced. Finance Minister Nirmala Sitharaman will present the budget of 2020-21 on 1 February. This is the first time that the government is presenting the budget on Saturday.
Labor organizations propose to raise minimum pension to Rs 5,000
Labor organizations say that when the government can make a provision of giving a pension of Rs 3,000 for employees and businessmen working in the unorganized sector, then the pension of the organized sector employees less than this There is no point in giving. Brajesh Upadhyay, general secretary of the trade union Bharatiya Mazdoor Sangh, said, ‘We have proposed to the Central Government to increase the minimum pension amount from Rs 1,000 to Rs 5,000 per month under the EPS. The minimum pension is expected to be increased in this budget.
National Conflict Committee offers Rs 7,500 per month
Commander Ashok Raut, chairman of the National Conflict Committee, which has been demanding a long-term increase in the pension of employees, said, ‘We met the Labor Minister and raised the minimum pension of employees under the purview of EPS to increase the Dearness Allowance (DA) Also demanded to make Rs 7,500 monthly. He claimed that increasing the minimum pension of the employees would not put an additional burden on the government. He has submitted a full report in this regard to the Labor Minister. Explain that the PM Shram Yogi Maandhan Yojana is being run for the workers of the unorganized sector and the Pradhan Mantri Small Trader Maandhan Yojana for small traders. In both the schemes, a monthly pension of Rs 3,000-3,000 has been made to the beneficiaries every month after the age of 60 years.
PFRDA recommends tax exemption on investments up to 1 lakh in NPS
Pension fund regulator PFRDA has also recommended tax exemption on investments up to Rs 1 lakh in the new pension system NPS in the budget. At present, individual taxpayers get additional tax benefit on investments up to Rs 50,000 on NPS under Section 80CCD (1B) of the Income Tax Act. Apart from this, PFRDA has also requested the Finance Ministry to increase the age limit from 40 to 60 under the Atal Pension Scheme. In addition, the existing maximum pension limit has been increased from Rs 5,000 to Rs 10,000 monthly. At present, Atal Pension Yojana can be taken from 18 to 40 years old.