Sage-Tips

Is retirement gratuity payable to NPS employees?

The amount of retirement gratuity or death gratuity payable under this rule shall in no case exceed Rs 20 lakh. The amount of retirement gratuity or death gratuity payable under this rule shall in no case exceed Rs 20 lakh.

Can a person receive two pensions?

Government Pension Scheme: One Can Avail 2 Family Pensions; Details Here. Yes it is possible if both the parents were government employees as per details provided by the Department of Pension & Pensioners’ Welfare. However, there are certain conditions while availing double family pensions.

What is the difference between service gratuity and retirement gratuity?

A retiring Government servant will be entitled to receive service gratuity (and not pension) if total qualifying service is less than 10 years. This one time lump sum payment is distinct from retirement gratuity and is paid over and above the retirement gratuity.

Does husband get pension if wife dies?

(i) Family Pension is payable to widow or widower up to the date of death or re-marriage, whichever is earlier. (ii) Family pension will continue to be payable to a childless widow on re-marriage, if her income from all other sources is less than the amount of minimum family pension and the dearness relief admissible.

Who gets the pension when someone dies?

Typically, pension plans allow for only the member—or the member and their surviving spouse—to receive benefit payments. “When a plan participant dies, the surviving spouse should contact the deceased spouse’s employer or the plan’s administrator to make a claim for any available benefits.

What are the benefits of new pension scheme?

New Pension Scheme

• Get Tax Free Pension For Life.
• Flexibility to withdraw fund value any time.
• Guaranteed Tax Savings. Under Sec 80 C & 10(10D)

Do IAS come under NPS?

So, IAS officers and other government employees joining after 1 Jan 2004 have to contribute 10\% of their salary for the pension and the Govt adds 14\% towards it. There is also NPS which can never match the old pension scheme. But IAS are gazetted 1 officer and they are the ones who make most of the policies.

What are the benefits of the EPF retirement scheme?

The fund that is accumulated under the scheme can be used by the employee at the time of his retirement. In the form of monetary security, this scheme will provide relief to the employee that is retired. Almost everybody will find the epf retirement benefits very useful. 11. Liquidity of Funds

What is Employee Provident Fund (EPF) and how does it work?

For employees working in the private sector, the Employee Provident Fund (EPF) is a very famous investment scheme with tax saving including the other benefits. Employee Provident Fund (EPF) is a significant tool while planning for retirement. What is Employee Provident Fund?

Do I have to pay EPF to a volunteer?

Payments which are made to volunteers do not attract the operation of the EPF Act for the obvious reason that volunteers are not employees.

What happens to your EPF if you resign?

The employee can withdraw 75 per cent of the EPF fund after resignation after a month of the date he/she quit the job. The remaining 25 per cent can be taken 2 months after being unemployed. 4. Unseen circumstances The employee can use the accumulated fund in case of any type of emergency.