Pension For Senior Citizens: The elderly have good news. The nation's budget will be presented in a matter of days, and this time, the government will be able to cheer up the elderly.
The Central Government is getting ready to offer some aid to all groups, including the underprivileged, women, farmers, and senior citizens. This time, it's possible that the senior population's pension program will expand. Additionally, these individuals may benefit from income tax exemption.
Before the general budget, you can expect three sizable gifts. Non-governmental organizations (NGOs) have suggested actions to be taken to improve the country's older population. These include raising the old age pension, providing additional income tax breaks, and exempting things used often by seniors from the GST.
Agewell Foundation's requirements
According to the NGO Agewell Foundation, the budget should include favorable provisions due to the widening generational difference and changes in older people's lifestyles brought on by longer lifespans. According to a statement from the Foundation, it's important to interact with plenty of retired individuals in order to keep them always engaged.
Pensions ought to be updated
The Foundation has urged the Ministry of Finance and other interested parties to take its advice and proposals into account when deciding on the next budget. According to the statement, the old age pension should be updated to reflect the current rate of inflation.
Increase in pension of Rs. 3000 per month
According to the declaration, the current monthly old age pension contribution from the central government should be enhanced to Rs 3,000 for each senior citizen who qualifies. Additionally, the State Government needs to be encouraged to adjust its portion correspondingly.
Interest in investment strategies has risen
In addition, the Foundation has called for an increase in the interest rate on bank, post office, and other senior citizens' investment and deposit plans. It has been suggested that income tax assistance should be increased, especially for the elderly.
GST-exempt for these goods
The elderly regularly use services and products, such as diapers, medications, healthcare equipment including wheelchairs and walkers, hospitalization of old patients over 70 years of age, mediclaim plans, and medical advice. An NGO has audited these services and products. Additionally, a request for the charge to be exempt from GST has been made.
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