Central Government considering 1% annual pension hike, Medical benefits are expected to be doubled

 Central Government considering 1% annual pension hike, Medical benefits are expected to be doubled

FMA for pensioners

The central government is considering increasing pensions for retired employees by 1% every year. The Permanent Standing Committee of Parliament has recommended that the government implement a pension increase based on age, starting at 65 instead of the present age of 80.

The Finance Ministry is considering the recommendation and the 1% annual increase, as well as a 5% boost for seniors over the age of 65.

Retirees who reach the age of 80 currently receive a 20% increase in their pension. The administration has included a 1% annual rise on its plan, following a recent meeting between Minister Jitendra Singh and pensioners’ organisations.

According to the organisations, a 1% annual rise would equate to a 20% raise when the retiree reaches the age of 80.

Benefits for medical treatment are projected to be doubled.

The fixed medical allowance (FMA) for pensioners may be increased from Rs 1,000 to Rs 2,000 by the national government.

Pensioners’ organisations have urged for an increase in FMA in light of recent increases in medicine prices. They also urged that the government give retirees with medical checks every six months or a year.