Guaranteed Pension Scheme Apply Online & Application Form | Guaranteed Pension Scheme Check Changes & Additions | Guaranteed Pension Scheme Check Features & Benefits | Guaranteed Pension Scheme Check Eligibility & All Details |
The State Government of Andhra Pradesh has launched the Guaranteed Pension Scheme so that government employees will be able to get monthly pension support who belong to the BPL attaining 60 years of age. The amount of the pension is fixed and guaranteed by the government, hence the name Guaranteed Pension Scheme. This has also replaced the old pension scheme with this new one.
Today through this article we will provide you with all types of information about the Guaranteed Pension Scheme 2023 like purpose, Eligibility Criteria, Benefits, Features, important documents, etc. Apart from this, we will share with you the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.
Guaranteed Pension Scheme
Now the old system of pensions named the Contributory Pension Scheme (CPS) has been replaced with the new pension scheme named Guaranteed Pension Scheme that has been enacted by the Union Cabinet. This scheme will be applicable to the residents of Andhra Pradesh. Each government employee after getting retirement will be given 50% of their salary in the form of a pension amount offered to them on a monthly basis.
It is the Andhra Pradesh state which has secured the 1st position or rank to launch the Guaranteed Pension Scheme, which will set an example for other states to follow. In this scheme, the employees who are going to get retired will be given a better amount of retirement so that they will be able to lead a better life after getting discharged from the functions of their office work which they used to do when they were holding any government position.
Highlights Of AP Guaranteed Pension Scheme 2023
The highlights of this scheme are as follows:-
|Name Of The Scheme||Guaranteed Pension Scheme|
|Launched By||State Government of Andhra Pradesh|
|Delegated Ministry||Ministry of Electronics & Information Technology|
|Delegated State||Andhra Pradesh|
|Allocated Portal||Will be updated soon|
|Objective||To provide a better amount of pension to the pensioners|
|Benefit||Pensioners will be able to get better pension amounts each month|
|Applicable To||Citizens of Andhra Pradesh|
|Form of Benefit||Monthly Pension|
|Hosting Site||National Information Center (NIC)|
|Mode Of Application||Online & Offline|
|Last Date To Apply Online||Will be updated soon|
|Official Website||Will be updated soon|
Objectives Of Guaranteed Pension Scheme
The major objective of launching the AP Guaranteed Pension Scheme is to evaluate the effect of the addition of dearness relief (DR) on the GPS, which is a government pension plan that ensures a minimum pension amount to all eligible citizens. This will provide a better life for the retired officials. The GPS pensioners will also be given a better amount of DRA. This will provide provides adequate financial support to GPS pensioners.
Another objective of launching the Guaranteed Pension Scheme is to compare the “Andhra model” of the guaranteed pension plan (GPS) with other pension schemes and assess its feasibility so that the pensioners will be able to understand the differences between both these 2 models of pensions. There are some weaknesses and strengths of both models of pension systems that must be taken into consideration by the pensioners while getting a monthly pension.
Replacement Of CPS with GPS
This new scheme has replaced the old system of pensions named the Contributory Pension Scheme (CPS) with the new system of GPS (Guaranteed Pension Scheme) by which the employees going to get retirement from their offices will be able to hold a better amount of pension in each month that will be given to them whenever they will attain the age of retirement.
Addition of DRA
The government has made a decision to add DRA under the General Provident Fund Scheme which means that the employees who are getting retirement will be given DRA twice a year by which they will be able to get a higher pension amount each month provided to them. For instance, if an employee retired at the age of 62 with a monthly pension of Rs. 50,000, they would receive a pension of nearly Rs. 1.2 lakh at the age of 82.
GPS – Some New Changes
Some of the new changes that have been remarked on in this new system of pension are as follows:-
- The amount of income received is guaranteed for the lifetime of the pensioner. This reduces the fear and uncertainty that often comes with planning for retirement.
- It is typically adjusted to inflation. As the cost of living rises, the pensioner’s income also increases, reducing the risk of financial instability later in life. With an older pension plan, this is not the case.
- Flexibility will be provided to the pensions under GPS which means they can choose to receive a lump sum or opt to receive monthly income that covers their day-to-day expenses.
- Pensioners are given the freedom to move out of the country or city as they like, without having to worry about the transferability of their pension.
Pension Schemes and Financial Stability
Pension schemes are an effective means of saving for retirement and securing a stable income in the long run. Regular contributions to such schemes enable individuals to accumulate their retirement savings and ensure financial stability for their post-retirement life. This will offer investors tax benefits, making them a sensible financial choice.
Government’s Plans For Employment Expansion
The government has decided to hire more people for jobs in the police, fisheries, and health departments. They will also make some contract workers become regular employees. Additionally, they want to build more junior colleges in each area. With this, the government will be able to expand more and more employment opportunities for some unemployed communities.
Guaranteed Pension Scheme Last Date
As this scheme has been recently launched, the last date to apply online for this scheme has not been updated yet through the use of social networking sites. Whenever the last date of online form submission will be launched, we will update you through this article by which you will be able to get registration.
Lifetime Income Security
This scheme in comparison to the old pension system or scheme will provide or enable the pensions to live a better life which results in lifelong income for the employee after retirement. The employees will not have to be worried about managing the investment risk or outliving the retirement income. Hence, this can be said that this scheme is providing lifelong income security to its pensioners.
Predictable Retirement Income
The amount of retirement that will be provided to the employees who are going to get retirement will be evaluated in advance which means each employee who is getting retired will be able to predict the exact amount of income he or she will receive after retirement as the employer guarantees the amount. This helps in planning and budgeting for retirement.
Benefits of Guaranteed Pension Scheme
The benefits of this scheme are as follows:-
- The pensioners will be able to get a better and more handsome amount of pension.
- Pension amounts will be provided to the retired employees each month.
- There will also be an addition of DRA.
- This helps in building a substantial retirement corpus for the employee.
- Pension schemes act as a reliable source of income.
- Andhra Pradesh is the first state to launch such an initiative for its residents.
Features of AP Guaranteed Pension Scheme
The features of this scheme are as follows:-
- The State Government of Andhra Pradesh has launched the Guaranteed Pension Scheme.
- This scheme will be applicable to the residents of Andhra Pradesh state.
- Each month, the pensioners will be able to receive 50% of the monthly pension amount on the basis of their last drawn basic salary.
- The scheme is designed to provide a guaranteed income.
- Guaranteed pension schemes usually offer some form of death benefit, such as a lump sum payment or continuation of the pension to a spouse or dependents.
- The pensioner will receive the pension amount at regular intervals, usually monthly.
Guaranteed Pension Scheme Eligibility Criteria
The applicants will need to follow the below-mentioned to apply online for this scheme are as follows:-
- The applicant must be a resident of Andhra Pradesh.
- He or she must be going to retire.
- This scheme may be available for individuals who have retired or are about to retire from regular employment or those who are self-employed.
- The individual may be required to contribute towards the scheme as per the prescribed rate.
Some of the important documents required to apply under this scheme as per given below:-
- Proof of identity
- Proof of address
- Employment history
- Bank Account Details
- Medical History
Process To Apply Online Under Guaranteed Pension Scheme
As this scheme has been recently launched no such information has been released with the help of various social networking sites regarding the application procedure to apply online for the AP Guaranteed Pension Scheme nor the official website has been launched. Whenever the application procedure will be launched, we will update you through this article.