Circular on 30% reduction in salaries of government employees appointed on contract basis after age retirement
The government has carefully considered the existing resolution and the regular ized instructions on the uniform pay of employees, officers appointed on contract basis after age retirement by the Government and other departments, in case of contract-based appointment after retirement for one year from 1_7_2020 to 30% from the current compensation received from the present employees
People often start thinking late for post-retirement expenses. Many people do not take it seriously. Due to this, difficulties arise after retirement. If the preparation is good, life can be enjoyed even after retirement. One thing to be remembered in this. One has to save for retirement while doing the job. The question arises as to how much savings to be made, so that even after retirement, you continue to get equal amount of salary.
To achieve this goal, here we are telling you how much you should save at what stage of age.
Let's say that at the age of 25, your monthly salary is 25 thousand rupees. You save at the rate of 10 percent in it. This contribution of Rs 2,500 will increase to Rs 86 lakh on retirement. This is equivalent to a monthly income of Rs 11,610 as of today. It covers 46.4 percent of your current salary.
Circular on 30% reduction in salaries of government employees appointed on contract basis after age retirement
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If you increase your annual savings by 5 percent, then your retirement amount will be Rs 1.36 crore. This is Rs 18,347 or 71.5 percent according to today's value. If the annual saving is increased to 7 percent, then you will complete 87 percent of your salary from your investment income.
If you start retirement saving from the age of 30, then you will have to set aside more money to save. Let's say that at this age, your salary is 50 thousand rupees. In this situation, you will have to keep 20 percent of your monthly salary for retirement saving. With this, you will add a total of 56.3 lakh rupees on retirement. This is equivalent to a monthly income of Rs 32,843 according to today's value. This is 65.7 percent of your current salary.
However, if this savings are increased by 5 percent annually, then a total amount of Rs 2.8 crore will be ready on retirement. With this, you will start getting 48,268 rupees every month. This is almost equal to your monthly salary.
The government has carefully considered the existing resolution and the regular ized instructions on the uniform pay of employees, officers appointed on contract basis after age retirement by the Government and other departments, in case of contract-based appointment after retirement for one year from 1_7_2020 to 30% from the current compensation received from the present employees
People often start thinking late for post-retirement expenses. Many people do not take it seriously. Due to this, difficulties arise after retirement. If the preparation is good, life can be enjoyed even after retirement. One thing to be remembered in this. One has to save for retirement while doing the job. The question arises as to how much savings to be made, so that even after retirement, you continue to get equal amount of salary.
To achieve this goal, here we are telling you how much you should save at what stage of age.
Let's say that at the age of 25, your monthly salary is 25 thousand rupees. You save at the rate of 10 percent in it. This contribution of Rs 2,500 will increase to Rs 86 lakh on retirement. This is equivalent to a monthly income of Rs 11,610 as of today. It covers 46.4 percent of your current salary.
Circular on 30% reduction in salaries of government employees appointed on contract basis after age retirement
CLICK HERE DOWNLOAD CIRCULAR
If you increase your annual savings by 5 percent, then your retirement amount will be Rs 1.36 crore. This is Rs 18,347 or 71.5 percent according to today's value. If the annual saving is increased to 7 percent, then you will complete 87 percent of your salary from your investment income.
If you start retirement saving from the age of 30, then you will have to set aside more money to save. Let's say that at this age, your salary is 50 thousand rupees. In this situation, you will have to keep 20 percent of your monthly salary for retirement saving. With this, you will add a total of 56.3 lakh rupees on retirement. This is equivalent to a monthly income of Rs 32,843 according to today's value. This is 65.7 percent of your current salary.
However, if this savings are increased by 5 percent annually, then a total amount of Rs 2.8 crore will be ready on retirement. With this, you will start getting 48,268 rupees every month. This is almost equal to your monthly salary.
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