Budget 2024:RSS backed BMS demands 8th CPC, IT exemption upto 10 Lakh

As the Union Budget 2025 approaches, expectations are mounting for significant tax reforms and economic relief measures. Finance Minister Nirmala Sitharaman is set to present the budget on February 1, 2025, with the middle class hoping for an increase in the tax-free income threshold, amongst other proposals.

The Bharatiya Mazdoor Sangh (BMS), affiliated with the Rashtriya Swayamsevak Sangh (RSS), has called for substantial changes during pre-budget discussions.

The BMS urged the government to constitute the 8th Pay Commission and exempt pensioners from income tax on pensions.

Additionally, the organisation proposed raising the tax-free income limit to Rs 10 lakh while retaining current exemptions.

The BMS has advocated increasing the minimum pension for EPS-95 beneficiaries from Rs 1,000 to Rs 5,000, with a future target of 50% of the government’s minimum wages, linked to the Variable Dearness Allowance (VDA).

They also suggested expanding the Ayushman Bharat scheme to EPS-95 pensioners and introducing universal old-age pensions.

Recommendations to improve worker welfare include extending gratuity calculations to 30 days per year, funding industrial boards like the beedi and contract labour boards, and prioritising the Old Pension Scheme (OPS) over the New Pension Scheme (NPS).

With the Union Budget just weeks away, the middle class and worker groups are eagerly anticipating the government’s response to these bold proposals. If adopted, these measures could offer substantial financial relief and bolster India’s economic framework. Whether Budget 2025 will meet these expectations is yet to be seen.