It is a great relief for the retired government employees that the Department of Pension & Pensioners’ Welfare (DoPPW) has floated a notification for an extra pension hike. The increase in benefits under pensions has also been allowed by the government to render better financial security to pensioners. This would probably benefit lakhs of retired central government employees in the country.
Who Will Be Able To Avail Of The Extra Pension?
The recent information states that the pension hike is applicable to:
- Retired Central Government Employees
- Pensioners receiving benefit under seventh pay commission.
- Family pensioners (dependents of deceased government employees)
In addition, the new pension hike will probably further supplement and assist financially, especially to senior citizens, whose costs have risen for medications and daily sustenance, to put a basic item expense into perspective.
Pension Hike Based On Age
In order to cushion their elderly ones, the government has introduced new plus age-dimensional additional pension slabs so that older pensioners can receive better benefits. The extra pension percentage will increase as follows:
- 80-85 years: Additional 20% of basic pension
- 85-90 years: Additional 30% of basic pension
- 90-95 years: Additional 40% of basic pension
- 95-100 years: Additional 50% of basic pension
- 100 years & above: Additional 100% (double the basic pension)
This mechanism ensures that elderly pensioners receive more financial assistance as they age.
The Major Reasons For Increasing The Benefits By The Government
The important reasons for the government to take this decision are:
- Rising inflation and cost of living.
- Involved medical expenses for old age pensioners.
- Increased demand by the pensioners’ associations for higher pension benefits.
Post-retirement years of the retirees will be much more financially stable with this pension hike.
When Will The Pension Hike Come Into Effect?
The DoPPW notification states that the new pension structure should be implemented immediately and arrears most likely will be payable from the effective date of notification. Pensioners should confirm the official revised amount of pension from the respective departments.
Conclusion
This latest pension hike for government employees is a welcome move that will definitely benefit lakhs of retired central government employees and their families. With the DoPPW notification now issued, pensioners can look forward to increased financial support in the coming months. Stay tuned for more announcements regarding payment dates and revised pension details.
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