EPS-95: Rs 1,000 monthly pension, 28 lakh to benefit

The government is fully committed to the social security and welfare of employees serving in the organised sector.

By: ENS Economic Bureau | New Delhi | Published: July 11, 2014 1:13 am

The minimum monthly pension of Rs 1,000 under EPS-95 scheme, run by the Employees’ Provident Fund Organisation (EPFO), is set to be notified, which will immediately benefit 28 lakh pensioners who currently get less than this amount.
While announcing that the government is notifying the minimum pension under the Employees’ Pension Scheme-1995 (EPS-95), Finance Minister Arun Jaitley also stated that the wage ceiling that covers organised sector workers under schemes run by EPFO has been hiked to Rs 15,000 per month from existing Rs 6,500.

“The government is fully committed to the social security and welfare of employees serving in the organised sector. The government is notifying minimum pension of Rs 1,000 per month to all subscriber members of EPS-95 scheme and has made an initial provision of Rs 250 crore in the current financial year to meet the expenditure,” Jaitley said.

He said, “Further, increase in mandatory wage ceiling of subscription to EPS-95 from Rs 6,500 to Rs 15,000 has been made and a provision of Rs 250 crore has been provided in the Budget.”

At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month, including basic pay and dearness allowance, can be subscribers of the EPFO schemes. According to the EPFO’s estimates, the raising of wage ceiling to Rs 15,000 per month is expected to bring 50 lakh more workers under the ambit of social security schemes run by it.

The decision to provide this entitlement under EPS-95 was taken by the Union Cabinet in its meeting held on February 28 but it could not be implemented due to the commencement of the election process for the Lok Sabha.

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  1. Virendra Grover
    Jun 10, 2017 at 4:42 pm
    Where to approach for grievance ? I am getting a pension of Rs 697/- since 2005, that is for over 12 years. Is this social security for senior citizens who retired at a time when alternate pension schemes were not born.
    1. F
      Falguni Chaudhuri
      Jan 24, 2017 at 4:59 am
      It is very nice to learn that Basic wages has been increased from Rs. 6500 to 15000 for which present employees will be benefited a lot, but effect of such hike has been given only from 1st. September, 2014. Since no retrospective effect has been granted, employees who retired before the effected date and who are getting pension more than Rs. 1000/- say 1.200 or more will be deprived. This is not desirable.
      1. ghanshyam gajjar
        Oct 30, 2015 at 7:03 pm
        It is however appreciatable for employees and thanks for it, but increase in pension not issued since 2000 and given too late. if increase in pension given every year or alter year it may cross 1000. looking to present market condition and financial situation Rs 1000 is too low as against suffer during 14 years. It calculate as per the rate of snacks and food dish in Parliament canteen which is not available for the common senior citizen everywhere, he has to pay market rate to make food at his home. It is to be increase and minimum Rs 3000 per month will be enough for one pensioner for one month without any saving. for social security do copy of advaced country like USA and Canada what they worried about senior citizen and school attending childrens. Hope some %es of expectation will be implemented within short period. defination of short period is not as per government but not more than 12 months.