Old Pension: There is a lot of uproar in the country regarding the implementation of these two old pension schemes. But the Central Government said that when the old pension of the employees will be implemented then there will be a big change in the take home salary. Let us know the news in detail…
Old Pension: After the announcement of the governments in many states including Himachal Pradesh to implement the old pension, once again the debate has started regarding the new and old pension.
Employees continuously talk about re-implementing the old pension by counting its benefits, while the governments say that the new pension is more effective.
Even though the old pension is being said to be in the interest of the employees, but do you know that its implementation will affect the take home salary of the employees.
When we talked to investment advisor Manoj Jain about this, he told that there is a lot of difference in the rules of the new and old pension scheme in terms of contribution.
In such a situation, there will be a huge difference between the salary coming in the hands of the employees after the deduction being made under NPS and the salary coming after the implementation of the old pension. State governments deduct the old pension according to the slab of the employees, which can be more than NPS.
What is the rule of deduction in NPS?
The rule for deduction in pension fund under NPS is that 10 percent amount is deducted from the employee’s basic and DA and added to it. At the same time, 14 percent amount is deposited in this NPS account by the government.
That is, the total amount deposited in the fund is 24 percent of the employee’s basic and DA, but the employee’s contribution in this is only 10 percent, while the employer’s contribution is 14 percent.
How much money will come into hand
If we understand this from figures, then suppose the salary of an employee including basic and DA is Rs 50 thousand. In such a case, there will be a deduction of 10 percent (5 thousand rupees) in NPS from his account.
And you will get a salary of Rs 45 thousand. During this period, 14 percent (Rs 7,000) of the employee’s basic and DA will be deposited in his fund by the government.
What is the rule for deduction of old pension?
GPF account of employees is opened as old pension. In this, an amount is deducted from the salary as per their salary structure i.e. slab.
Although the minimum deduction in GPF is 6 percent of basic salary and DA, but the employee can contribute any amount as per his wish. This can also be 100 percent of his salary. Fixed interest will be given on this entire amount and a lump sum will be given to the employees on retirement.
How much will be the take home salary now?
If we look at it from the point of view of old pension i.e. GPF, if the slab of an employee is Rs 50 thousand, then a minimum deduction of 6 percent (Rs 3,000) will be made from his salary. In such a situation, his take home salary will be Rs 47 thousand which will be more than the current rule of NPS. Although,
If the employee wishes, he can increase the amount of deduction and he will also get more retirement amount. Rajasthan government has recently implemented the old pension scheme and money is being deducted from the salaries of the employees in GPF under the slab. In such a situation, the take home salary in their hands has increased.
