Ministry of Labour & Employment
Hike in Pension

25 NOV 2019

Government of India in February, 2019 launched Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), a voluntary and contributory pension Scheme, for the benefit of unorganized workers, as per eligibility. The scheme assures minimum monthly pension of Rs. 3000 to the beneficiaries after attaining the age of 60 years. All unorganized workers, in the age group of 18-40 years, whose monthly income is up to Rs. 15,000 and who are not members of Employees’ Provident Fund Organization or Employees’ State Insurance Corporation or National Pension System (Government contributed) and are also not income tax payers, are eligible to enroll under the Scheme. The subscriber is required to pay the prescribed monthly contribution amount and the Central Government provides the equal matching contribution. This Scheme is implemented through Life Insurance Corporation of India. Enrollment under the Scheme can be done through any of the Common Service Centres across the country.

Also check: Hike Pensioners pay who is at the age of 80 yrs and above of Maharashtra Pensioners from 1.1.2019

Further, vide notification No. G.S.R. 593 (E) dated 19.08.2014, a minimum pension of Rs. 1000 per month has been fixed with effect from 01.09.2014 for the pensioners under Employees’ Pension Scheme (EPS), 1995 framed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, applicable to establishments which belong to industries and classes of establishments listed in Schedule-I and where number of employees is 20 or more. No decision has been taken at present to further enhance the minimum pension under EPS, 1995.

Further, Atal Pension Yojana (APY) was launched in May, 2015, by the Government of India, and Indian Citizens between the age group of 18 to 40 years are eligible to join APY through their savings bank account or post office savings bank account. Depending upon the pension plan selected, each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000/- per month or Rs. 2000/- per month or Rs. 3000/- per month or Rs. 4000/- per month or Rs. 5000/- per month, after the age of 60 years until his/her death.

This information was given by Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment in written reply to a question in Lok Sabha today.

PIB

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All-India EPS-95 Pensioners Sangharsh Samiti will take out a march from the Jantar Mantar to the Prime Minister’s Office (PMO) in Delhi on February 27 for the minimum monthly pension of Rs 7500 under the scheme.

EPS-95 pensioners from all over the country have been agitating on the issue of raising their pension since the last three years, but the Centre has done nothing except giving hollow assurances, a statement said Friday.

“As per a Supreme Court order, EPS pensioners should be given a higher pension. At present they are getting the pension in range of Rs 200 to Rs 2500 per month, which is meagre in view of rising inflation,” the Sangharsh Samiti’s Bhopal coordinator R A Dharkar stated.

He said the pension amount should be raised to minimum Rs 7500 per month apart from the DA (Dearness Allowance).

“A rally will be taken out on February 27 from Jantar Mantar to the office of the Prime Minister for our demands,” the release stated.

The Samiti also seeks better medical facilities to the EPS-95 pensioners and their spouses. It also wanted that those retired employees who are not part of the scheme be brought under its ambit.

Dharkar claimed the Central government had only given hollow assurances to pensioners.

EPS or Employee Pension Scheme, which was brought into force in the year of 1995, is a guaranteed pension plan supported by the government, wherein the stipulated amount will be remitted to the employee upon retirement, without any changes to the same.

PTI

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Government has approved minimum monthly pension of Rs 1,000 under Employees Pension Scheme 1995 (EPS-95) run by the retirement body Employees’ Provident Fund Organisation (EPFO), Parliament was informed today.

The decision of the government would immediately benefit 28 lakh pensioners including 5 lakh widows getting less than Rs 1000 as pension every month. In all, there are 44 lakh pensioners under the EPS-95 scheme.

“Yes, Government has approved mi”Yes, Government has approved minimum pension of Rs 1000 per month to the pensioners under the EPS-95,” Minister of state for Steel, Mines, Labour and Employment Vishnu Deo Sai said in a written reply to Lok Sabha.

According to the Minister, several representations have been received for enhancement of pension under EPS-95 and based on those, “government has approved minimum pension of Rs 1,000 to pensioners under the EPS-95.”

Earlier, Labour Minister Narendra Singh Tomar had discussed the proposal with trade unions on June 24 and assured the government will take a decision within two weeks.

As per the proposal, pensioners were to get the benefit with effect from April 1 this year. The government would have to provide an additional amount of around Rs 1,217 crore to ensure a minimum pension of Rs 1,000 for 2014-15.

A senior official said the new government did not want to provide this entitlement merely for one financial year and wanted this to be implemented for all times to come. That is why the proposal was reviewed.

The proposal was already approved by the UPA government for the current financial year but could not be implemented as it was not notified.

However a senior EPFO official, when contacted, said that the body has not yet received any notification or official order in this regard from the Labour Ministry.

According to him, the government could formally announce this entitlement in the forthcoming budget on Thursday.

Besides, the EPFO is also awaiting government’s approval for enhancing the wage ceiling for organised sector workers under EPFO ambit to Rs 15,000 per month from the existing Rs 6,500. This was also approved by the previous government but could not be notified due
to coming into force of the model code of conduct during that time.

The decision to increase basic wage ceiling to Rs 15,000 per month is expected to bring in 50 lakh more workers under the EPFO’s ambit.

The notification regarding the decision of the EPFO trustees to reduce administrative charges paid by employers to EPFO is also awaited. It was proposed to reduce administrative charges paid by employers to EPFO is also awaited. It was proposed to reduce administrative charges from 1.10 per cent of basic wage to 0.85 per cent.

Source : http://economictimes.indiatimes.com

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