Fixing Minimum Pension for Provident Fund Subscribers

| May 10, 2012 | 1 Reply

The Central Government had constituted an Expert Committee for reviewing the Employees’ Pension Scheme (EPS), 1995. The recommendations of the Expert Committee were placed before the Central Board of Trustees, Employees’ Provident Fund [CBT (EPF)] for consideration on 15th September, 2010. The CBT (EPF) directed that the report be first considered by the Pension Implementation Committee (PIC), a Sub-Committee of the Employees’ Provident Fund Organisation (EPFO). The PIC has since finalized its report and recommended that a minimum monthly pension under EPS, 1995 be increased to Rs.1000/- per month as an interim measure by enhancing the rate of contribution in the EPS, 1995 by 0.63%. The recommendations of the PIC was deliberated by the CBT (EPF) in its 197th and 198th Meetings held on 23rd December, 2011 and 22nd February, 2012, respectively. However, the deliberations have remained inconclusive and the Board has decided to defer the discussion.

 

This information was given by the Union Minister for Labour & Employment Shri Mallikarjun Kharge in reply to a written question in the Rajya Sabha

 

pib

Category: EPS, Pensioners

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  1. Can the Govt. of India tell the EPF 1995 Pensioners why the Govt. and the EPFO Board is taking so much time to fix the minimum pension of Rs.1000/- per month in the present cost inflationery period,while all Govt. employees including MPS are getting maximum cost inflation benefit and increased pensions.

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