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StaffCorner

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15 Apr, 2022 10:52 PM

Centre considering 1% annual pension hike, doubling medical benefits

Centre considering 1% annual pension hike, doubling medical benefits

The central government is considering boosting retired employees' pensions by 1% every year. The Parliamentary Permanent Standing Committee has advised the government to introduce a pension increase proportionate to age beginning at 65 instead of the current age of 80.

The recommendation and the 1% annual increase are being considered by the Finance Ministry, along with a 5% rise for seniors over the age of 65.

At the moment, retirees who reach the age of 80 receive a 20% increase in their pension. Following a recent discussion between Minister Jitendra Singh and pensioners' organisations, the administration included a 1% annual increase on its agenda.

According to the groups, the annual 1% increase would correspond to the 20% increase when the retiree reaches the age of 80.

Medical benefits are expected to be doubled.

The national government may increase the fixed medical allowance (FMA) for retirees from Rs 1,000 to Rs 2,000.

In view of the recent increase in drug prices, pensioners' organisations have called for an increase in FMA. They also demanded that the government provide medical examinations of pensioners every six months or a year.




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