Elders’ clubs demand a better deal
The Elders Clubs International Foundation (ECIF) demanded for income tax slab exemption to be raised from the present Rs 3.5 lakh to 5 lakh and increase the interest rate on savings in post office to 10% per annum.
Hyderabad: The Elders Clubs International Foundation (ECIF) demanded for income tax slab exemption to be raised from the present Rs 3.5 lakh to 5 lakh and increase the interest rate on savings in post office to 10% per annum.
Mandadi Krishna Reddy, Founder of ECIF, said, “The governments, both at the centre and state should intervene into the issue of violence and abuse against the aged by their closed ones. As per the income tax rules, customers are levied income tax to the amount credited beyond Rs 3.5 lakh but we urge the both the central government and state government to increase the slab of income tax exemption up to Rs 5 lakh and also increase the interest rate to not less than 10% from the present interest rate of 7.5%. The surplus money in their accounts will help them to lead a peaceful life without being dependent on their children.”
After successfully completing the three day Elders Mela 2018, the ECIF conducted internal meetings to frame 20 resolutions for the benefit of the aged to live with dignity and submitted to the state as well as the central government.
These resolutions include increase in central government pension from Rs 500 to Rs 2000 per annum, 50 percent concession in RTC buses, demanding modern old age home in all districts and day care centers across all wards in various municipalities, special budget in states for senior citizens, special insurance schemes, appeal to civic body to support and protect elderly people and others. The programme was attended by Justice G Chandraiah, chairman of ECIF, Dr S Avulappa, vice chairman, ECIF and others.