Social Security for retired persons
JANUARY 28, 2017
By Manuj Saxena
MY suggestion for the forthcoming budget:
1. As a social security for retired people from private sector, not entitled for pension should have some scheme of fixed deposit/ govt bonds where rate of interest should not be lesser than 10% month. Monthly annuities should be the only option so that they can get regular income. It can be a long term engagement. The current rate of such FD @ 8.65 (for senior citizens) is of such kind but as the rate of interest are falling it is all likelihood that such interest rates would not prevail in coming period.
2. As maximum tax is recovered from salaried employees, similar deduction like standard deduction should be provided exclusively to this section. This will be loss to the exchanger but will be real relief to the masses.
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