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Sources within the finance ministry said that the government is all set to introduce pension reforms in the next budget for 2024-25. The proposal considers imposing a tax on pensioners who are drawing pensions of over Rs100,000 per month.
“We may propose to increase the age limit of public sector employees by two or five years along with a comprehensive package for pension reforms in the next budget for 2024-25,” a local publication said quoting top official sources.
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The increase in pension will be granted on the pension calculated at the time of retirement. A government employee may opt for early retirement after putting in 25 years of service; however, the employee might be liable to a penalty of a 3 percent per year reduction in gross pension with effect from retiring year till the age of superannuation.