We are accustomed to spending from coffee to buying vegetables and daily necessities, such as rent and electricity bills on a monthly basis. The children's tuition, medical examination, housekeeping, and spiritual travel are becoming an inevitable yearly necessity.
There is a fourth type of cash requirement that meets these three needs. That's it, life is needed! Getting married, getting married, building a house are all lifetime necessities. 'Buy a good four-wheeler' is now becoming an addition to the necessities of life.
The avoidable cost of expenses can be of two types as unavoidable cost. But, saving is inevitable. The only reserve we have is a boat that helps us escape when the stream of cost suddenly floods us and surrounds us. This is why the government is introducing a savings service face and implementing various savings plans.
It has been promoting savings by offering various incentives such as tax deduction for savings and interest rebate.
The number of civil servants across India is in the millions. Although they have a definite income, future savings are still in question for many. Their plight is immense when they live like kings for as long as they are in office and suffer from inadequate facilities to fulfill economic duties after retirement.
The wage increase savings plan is one of the most important ways for government employees to become billionaires in their lives without getting into this economic problem. We can call this savings plan for monthly wage earners the Increment saving scheme.
For those who are in any job, the pay is going to go up at regular intervals. We call this a pay rise. Government employees are paid an annual salary increase. Take, for example, the position of undergraduate assistant in government service.
If a person joins the service in January 2015, the salary he received when he joined the service will be as follows:
Base pay + Grade pay = Rs 5,200 + Rs 2,400 = Rs.7,600 If we calculate 113% of this as internal price, we will get Rs.8,588. If these two are combined, the total salary will be Rs.16,188. 3% of the annual pay + grade pay combined.
His basic pay + grade pay (5,200 + 2,400), which was Rs. Twice a year, the gross domestic product (GDP) rose by 119 per cent from Rs 113 to Rs 9,318, an increase of 119 per cent to Rs 7,830. 7,830 + 9,318 = Rs.17,148-get. When he joined the job in January 2015, it was Rs. That is, his monthly salary will increase to Rs.960.
His salary increase of Rs.960 has been accompanied by a 6% increase in his basic base salary. The amount increased by the pay rise alone is Rs.230. 119% of the Rs.230 is Rs. So, 230 + 274 = 504 is Rs. This Rs.504 will continue to rise by 10% annually. This is the lowest average calculation. If that is the case,
Wage increase:
The first year amount is Rs.504
2nd year pay increase of Rs.560
620 in the 3rd year
680 in the 4th year
Rs.750 in 5th year
820 in the 6th year
In the 7th year it will go up by Rs 900. This hike will continue, as long as he stays on task. It is important to note that this does not include his promotion, selection status, special status, or salary increase.
This wage increase can benefit in the future by saving money. All employees have to do is invest their five pay raises in a five year post office recurring deposit fund.
How to make investments:
The first year's salary increment of Rs. For the second year, you have to open another five-year series of deposits for a pay rise of Rs 560 and pay this Rs 560 per month.
• That is, with the subscription amount of Rs.500 for the first account, you have to save Rs.560 per month for this second deposit fund account.
Similarly, a third-year wage increment of Rs. That is, you have to add a total of Rs 1,680 in a month as Rs.500 + 560 + 620.
• The Rs.680 for the fourth year pay rise should be added to another account for five consecutive years. Add another Rs 550 plus salary increase for the fifth year in a row for the next five years.
At the beginning of the sixth year, the first account you started with your first pay rise of Rs.500 matures and you get a deposit of Rs.37,326 with interest in your hand. There will be only four running accounts.
• The pay rise savings plan is the continuation of five accounts in a five-year series of deposits with the pay increase available from the time the first pay rise is received until the retirement period. Therefore, it is necessary to start a new series deposit account with the pay rise of Rs.820 available in the sixth year.
• In the seventh year, the second series of deposits opened with Rs.560 in the previous year will be matured and the maturity amount will be Rs.41,805.
Accordingly, when one deposit matures and the next opens, another account can be opened if the account closes and the five cash deposits are maintained until the retirement date, ie, the maturity of the deposit.
• Should we pay the annual wage increase into a savings account and buy the same salary we received when we joined the job until we retire? Don't we have to spend four bucks and be happy? ' You may ask.
• You do not want to be frustrated if you cannot get the right pitch so invest in a good capo. The only investment in the program is a pay rise that is available while on the job. That too, with the exception of the last four years of work.
For example, the amount of savings you will pay in your tenth year of employment is only Rs.1100 + 1000 + 900 + 820 + 750 = Rs.4,570. This is the total amount for the five Contact Deposit Accounts maintained as of that date.
• At the same time, your salary will be as high as Rs 32,376, even if it is very low. That is, the pay you receive when you join the service will at least double in the tenth year. You ask if everything like that happens? You got a little flash pack! The junior assistant salary increased from Rs300 in 1976 to Rs7,600 in 2006. That is, 25 times higher.
• The junior assistant salary, which was less than 700 rupees in 1985, has risen to Rs 17,148 in 30 years. This is the starting level pay only. In thirty years that undergraduate assistant may receive various promotions. The selection standard may rise to a special level.
• Wages can rise in the payroll system. So, like early wages, pay rises 25 times in thirty years, to this day (ie, excluding the cash benefit of promotion).
• Besides, those who participate in the scheme can opt to open a new series of deposit accounts five years before retirement. The last four years of the service period can only be paid at maturity.
• If you need money for your daughter / son's college tuition, you can take the maturity amount available through this savings and use it. It can also be a great savings system to address yearly needs such as tourism.
• However, if it is meant to be a retirement savings and continue to take no money from this savings until retirement, then public servants are sure to become millionaires.
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