Government Extends Payment Of Provisional Pension Upto 1 Year Union minister Jitendra Singh on Wednesday said that the government has decided to extend the payment of provisional pension up to a period of one year from the date of retirement of employee
Updated: May 05, 2021 9:17 pm IST
Union minister Jitendra Singh on Wednesday said that the government has decided to extend the payment of provisional pension up to a period of one year from the date of retirement of an employee in view of the COVID-19 situation. At a meeting held online with senior officers of the Department of Pension and Pensioners Welfare (DoPPW) and the Department of Administrative Reforms and Public Grievances (DARPG), he said that provisional family pension was also liberalised, according to a statement issued by the Personnel Ministry.
Highlights
Invest in NPS and earn big.
Check out this assumptive plan.
New Delhi: For the ordinary middle class, savings and correct investment are the tools for a secured retired life. Among several options for retirement, the National Pension Scheme started by the government is a great option for those people who want to go for traditional method of investment.
You can start saving a very little amount in National Pension System (NPS) and over a period of time, earn good benefits too.
Assuming, a person starts at a very early age (say a person who is 20 years old) and sets aside just Rs 74 per day and put it in the National Pension System , then the person can easily build a corpus of Rs 1 crore. Here is an assumptive plan for building the retirement corpus of Rs 1 crore. If a person starts at the age of 20 and invests Rs 74 per day (Rs 2230 per month), upon retirement (after 40 years) the person can build a total corpus of Rs 1.03 crore, at 9 percent rate of interest.
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Synopsis
Provisional payroll data from the Ministry of Statistics and Programme Implementation, released on Friday, the number of exits under EPFO stood at 0.28 million in February compared to 0.53 million in January which have been revised upwards from 0.26 million last month.
The net subscribers added under EPFO in December were 0.94 million, 0.69 million in November, 0.90 million in October and 1.23 million in September.
Formal job creation in India maintained its pace with 1.23 million jobs created under the Employees Provident Fund Organisation in February while 1.15 million subscribers were added under the Employees State Insurance scheme. The National Pension Scheme saw second highest addition in the fiscal at 58,250 it in February after April 2020 clocked the highest addition at 64,647.
In the Indian context, in the absence of a universal state-sponsored welfare scheme, individuals have to rely on provident fund and similar schemes to build their retirement nest