Why ULIP mis-selling has become rampant ?
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Central government pensioners will henceforth get a detailed breakdown the pension in the form of pension slips every month after the pension is credited in their accounts. The details will reach the pensioners through SMS, WhatsApp or email.
Recently, an office order signed by the deputy secretary of department of pension and pensioners welfare of the ministry of personnel and public grievance was sent to every centralised pension payment centre (CPPC).
The order
The decision was finalised in a meeting between the ministry, banks and the labour unions.
“The pension slip will provide complete details of the monthly pension paid along with the break-up of the amount credited and tax deductions if any. Banks can provide the pension slip electronically through SMS to registered phone number or send email and even through WhatsApp message,” the order said.
The monthly pension information and the breakdown of the amount credited to the account and deducted for tax compliances is required in connection with income tax, dearness relief payment and for claiming DR arrears etc.
“In order to ensure ‘Ease of Living’ of the pensioners, a meeting was held with the CPPCs of Pension Disbursing Banks on 15.06.2021, wherein the issue of providing the breakup of monthly pension to the pensioners was discussed,” said in the office memo dated June 22.
Benefits
This facility will be available only to the central government pensioners. However, such breakdown of the pension amount can help all pensioners irrespective of which government he/she served.
It will tell a pensioner the basic pension and the DA. Besides deductions would also be spelt out.
Currently, pensioners only get an SMS from the bank stating the amount credited to the account. However, there are no itemised breakdowns.
“This is a good step. Now pensioners can easily understand what they are getting under which head and also the deductions. The states should also adopt this measure,” said Bijoy Singha from West Bengal Coordination Committee.
“This would be like the salary slip. The pensioner would get to know heads of pension and deductions. It would help a pensioner,” said Rajen Nagar, bank union leader. Bank employees are not eligible for this service.
Pension figure
According to the Union budget of 2021-22 expenditure on pensions is expected to be around Rs 1.9 lakh crore, which is 1% more than the budgetary estimate of fiscal year 2019-20.