ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Social Security Retirement benefit is a monthly check that replaces part of your income when you reduce your hours or stop working altogether. It may not replace all your income so it’s best to identify other ways to pay for your monthly expenses as you age. Learn how to apply.

Detailed explanation-2: -Benefits. After attaining the age of 60 yrs, beneficiaries are entitled to receive minimum monthly assured pension of Rs.3000/-. On death of the beneficiary, spouse is eligible for 50% monthly pension. If husband and wife, both joins the scheme, they are eligible for Rs. 6000/-monthly pension jointly.

Detailed explanation-3: -You can receive Social Security retirement benefits as early as age 62. However, we’ll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2023, your benefit would be about 30% lower than it would be at your full retirement age of 67.

Detailed explanation-4: -Pension. The minimum eligibility period for receipt of pension is 10 years. Commutation of Pension. Death/Retirement Gratuity. General Provident Fund and Incentives. Contributory Provident Fund. Leave Encashment. Central Government Employees Group Insurance Scheme.