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• Good news for common people!
• Now decide your own pension
• New scheme of Central Govt

Govt New Pension Scheme : The central government has come up with a very beneficial new pension scheme for the common man and the unorganized sector workers. The biggest feature of this scheme is to deposit money when there is money and get pension as per choice. This will benefit the general public. What exactly is this scheme and how can you benefit from it” )

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EPFO is preparing to launch a new universal pension scheme under the Ministry of Labor's Employees Provident Fund Organisation. Under this scheme, members can withdraw part of their savings to get a higher pension in the early years of retirement and then reduce the pension amount to continue earning interest on the remaining amount. What exactly?

How will the plan work?

Money is often needed immediately after retirement. Apart from the cost of medical treatment, there are many family responsibilities like raising funds for children's higher education or major wedding expenses. During this period, members can withdraw a large portion of their original funds. The rest of the funds will remain safe with EPFO.

Annual interest on the remaining amount

The remaining amount will continue to earn annual interest as decided by the government, thereby increasing the fund rather than depleting it completely. As financial needs diminish with age, members can reduce their monthly pension amounts, so that their funds last longer or into old age.

Why is this scheme different from traditional pension?

Currently, schemes like the National Pension System NPS require at least 40% of your total funds to be used for annuity after retirement. Which gives a fixed return which cannot be changed. But this new EPFO ​​scheme proposes to give members complete control over their funds instead of a mandatory annuity.

Simply put, once you deposit money into an annuity under Jeevan Akshaya or NPS, your funds are stuck in it. You get a fixed monthly amount. If you suddenly need more money due to an emergency after retirement, you cannot withdraw the amount. In a Universal Pension Scheme, your money stays in your account with EPFO. You can withdraw funds as per your requirement through Systematic Withdrawal Plan SWP. In case of emergency, you can increase your monthly amount or even withdraw a larger amount from the fund if required.

What will be the tax rules?

The Labor Ministry is considering keeping the tax rules for the proposed universal pension scheme EPFO ​​3.0 at par with the current EPFO ​​model. As the scheme is still in the draft stage, the government will notify the final tax rules at the time of its official launch.

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