Employees’ Pension Scheme | EPS: In the coming year, the government is preparing to give big benefits to the EPFO subscribers. A meeting of the Ministry of Labor is going to be held in February, it is expected that many decisions can be taken regarding the welfare of the employees.
Employees’ Pension Scheme | EPS: Customers of Employees’ Provident Fund Organization can get big benefits. For this, preparations are being made by the government. It is being told that the minimum pension can be increased. Now the minimum monthly pension can be increased from Rs 1 thousand to Rs 9,000. Pensioners have already been demanding this. Discussion on this matter is also going on for a long time.
The Autonomous Body ie EPFO is yet to decide on this matter. According to information received from sources, an important meeting of the Ministry of Labor is going to be held in the month of February. A decision on this can be taken keeping in mind the recommendations of the Standing Committee of Parliament.
Labor Ministry will meet in February
In the meeting of the Ministry of Labor to be held in February, two important issues can be discussed. In this, a decision can be taken to implement the New Wage Code first. After that, it is also expected to agree on the minimum pension scheme. It is expected that a decision can be taken on the minimum pension available in the long-running Employee Pension Scheme.
Minimum pension to be increased from Rs 1,000 to Rs 9,000!
There is a constant demand to increase the minimum pension for retired employees from Rs 1,000. This can be discussed under the chairmanship of Labor Minister Bhupendra Yadav. In March 2021, the Standing Committee of Parliament had recommended to increase the minimum pension amount from Rs 1000 to Rs 3000. However, the demand of pensioners is that the pension amount is very less, it should be increased to at least Rs 9,000. Only then will the EPS-95 pensioner get the benefit in true sense.
Pension is a fundamental right of employees
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. The Labor Ministry can consider this issue.
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. A minimum pension of Rs 1,000 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.
