The Union Cabinet on August 24 delivered a significant boost to 23 lakh central government employees by approving a guaranteed pension for those who joined the service after January 1, 2004, under the National Pension System (NPS)
From tax relief to Pradhan Mantri Awas Yojana houses, 100 days of the Modi government 3.0 have offered relief to the middle class in the country.
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While presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced that the standard deduction in the new tax regime will be increased from Rs 50,000 to Rs 75,000. The revised tax slabs are as follows: No tax up to Rs 3 lakh, Rs 3-7 lakh at 5 per cent, Rs 7-10 lakh at 10 per cent, Rs 10-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and above Rs 15 lakh at 30 per cent.
Salaried employees under new tax regime will save up to Rs 17,500 annually in taxes due to changes proposed in FY25 Budget, said the finance minister. The exemption limit for family pension has been raised to Rs 25,000.
Moreover, a comprehensive review of income tax rules will be conducted within six months to make them concise, clear, and easy to understand.
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The Union Cabinet on August 24 delivered a significant boost to 23 lakh central government employees by approving a guaranteed pension for those who joined the service after January 1, 2004, under the National Pension System (NPS). Retirees will now receive 50% of their average basic pay over the last 12 months before retirement as a pension for a minimum qualifying service of 25 years. Proportionate for lesser service period upto a minimum of 10 years of service. The new pension scheme also guarantees an assured minimum pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service.
Moreover, the third iteration of the One Rank, One Pension scheme will be implemented for security forces and their families.
Under the Pradhan Mantri Awas Yojana, three crore houses have been approved, of which one crore are under the urban scheme and two crore have been approved for construction in rural areas. The total number of houses approved in both rural and urban areas till date are 4 crore 27 lakh.
Under the PM Surya Ghar Muft Bijli Yojana, solar energy systems have been installed in over 2.5 lakh homes between June and August 2024.
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Moreover, an environmentally friendly public transport system will be developed through PM E-Bus service. Approval has been given for the purchase of e-buses with assistance of Rs 3,400 crore.
