Pension Increased For Senior Citizens: Pension will increase by Rs 3,000 per month! Tax exemption will also be available
Pension For Senior Citizens: There is great news for the elderly. Only a few days are left for the country’s budget to come and this time the government is going to give great news to the elderly.
The Central Government prepares to provide some relief to all sections including the poor, women, farmers and the elderly. This time it is expected that there can be an increase in the pension scheme of the elderly population. Along with this, these people can also get the benefit of exemption in income tax.
You can get 3 big gifts before the general budget, some non-governmental organizations (NGOs) have given suggestions to take steps for the betterment of the elderly population of the country. These include increase in old age pension, additional income tax relief and GST exemption on products used repeatedly by older people.
Agewell Foundation demands
NGO Agewell Foundation said that in view of the increasing gap between old and young generation, changes in the lifestyle of older people in the light of longer life span, favorable provisions should be made in the budget. The Foundation said in a statement that it is necessary to engage with a large number of retired people to keep them continuously active.
Pension should be revised
The Foundation has appealed to the Ministry of Finance and other stakeholders to consider its recommendations and suggestions while finalizing the next budget. The statement said that the old age pension should be revised according to the current inflation.
Pension to be increased by Rs 3000 per month
The statement said that the present share of the central government in the monthly old age pension should be increased to Rs 3,000 per month for each eligible old age person. The State Government should also be advised to revise its share accordingly.
Interest increased on investment schemes
Apart from this, the Foundation has demanded an increase in the interest rate on bank, post office and other deposit and investment schemes for the elderly under financial security measures. It has been said that more relief should be given in income tax, especially for old people.
GST exemption on these products
NGO has audited services and products frequently used by the elderly such as audit diapers, medicines, healthcare equipment like wheelchairs and walkers, hospitalization of elderly patients above 70 years, mediclaim policies and medical consultation There has also been a demand for GST exemption on the fee.
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