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Monday, March 19, 2012

Minimum Monthly Pension

The Pension Implementation Committee, a sub committee of the Central Board of Trustees, Employees’ Provident Fund [CBT (EPF)], has recommended that the minimum monthly pension under EPS, 1995 be increased to Rs. 1000/- per month as an interim measure. The issue was placed for consideration of the CBT(EPF) in its 198th meeting held on 22.02.2012 wherein the Board decided to defer the discussion.
As on 31st March, 2011, the number of employees getting pension benefits from the Employees’ Provident Fund Organisation is 36,00,089.
This information was given by Minister of Labour and Employment Shri Mallikarjun Kharge in reply in reply to a written question whether there is a proposal toprovide fixed minimum pension to all the employees who are covered under Employees` Provident Fund Organisation(EPFO); if so, the details thereof alongwith the minimum amount the Government is planning to give to the pensioners; whether the Government has decided to revise the existing scheme in view of the demands of the workers for a reasonable hike in their EPF pension; the time by which the enhanced pension is likely to be disbursed; and the number of employees who are getting pension benefits from the EPFO at present?
Source : PIB Release, March 19, 2012

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