Employee Pension Scheme: Pensioners can get a gift soon. In view of the increasing demand since 2018, a decision on the minimum pension could be taken in the EPFO’s board meeting (229th meeting).
Employee Pension Scheme: Is the minimum pension going to increase? Can it be increased from Rs 1 thousand to Rs 9000? This is the demand of pensioners. The discussion is also going on for a long time. The matter is in the Supreme Court. But, the decision has to be taken by the Autonomous Body i.e. EPFO only. The hope is that it is possible to increase the Employee Pension Scheme. The Standing Committee of Parliament has also given its recommendations on this. Now it is discussed that in the next meeting of EPFO (229th meeting of central board of trustee) any conclusion should be reached on this.
EPFO issued circular
EPFO has issued the circular for the Central Board of Trustees (CBT) meeting to be held on 16 November 2021 . The agenda has also been told to the employees joining the board. However, what will be the agenda has not been made public. It is expected that a decision can be taken on the minimum pension available in the long-running Employees’ Pension Scheme.
Minimum pension will be Rs 9000?
There is a demand to increase the minimum pension from Rs 1000. Under the chairmanship of Labor Minister Bhupendra Yadav, it can be discussed on 16 November. In March 2021, the Standing Committee of Parliament had recommended to increase the minimum pension amount from Rs 1000 to Rs 3000. However, the pensioners demand that the pension amount is very less, it should be increased to at least Rs 9000. Only then will the EPS-95 pensioner get the benefit in true sense.
Fundamental right is pension
According to EPFO board member and Bharatiya Mazdoor Sangh General Secretary Virjesh Upadhyay, the High Court of 5 states has considered pension as a fundamental right. The matter regarding its sealing is pending in the Supreme Court. If the ceiling is removed, then its benefit will be available in pension. However, there is a demand that the pension should be fixed according to the last salary of the employee just before the retirement. At the same time, the Ministry of Labor has expressed its inability to do so.
What is EPS 95 Pension Scheme?
There is Employees Pension Scheme-1995 for all the subscribers on getting Provident Fund under EPFO. People working in the organized sector get pension after the age of 58. For this, it is mandatory for the employee to have a job of at least 10 years. Under the scheme, the employer deposits 12% amount in the EPF in the name of the employee. In this, 8.33 percent amount is given for pension (Pension under EPFO). Under this, a minimum pension of Rs 1000 is given. Widow pension, children’s pension facility is available in the scheme. If the employee dies before 58 years of service, then his wife and children get pension.
