Employees Pension Scheme (EPS) minimum monthly pension of Rs.1000/-

Employees Pension Scheme (EPS) minimum monthly pension of Rs.1000/- 

GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT

RAJYA SABHA

UNSTARRED QUESTION NO. 1856
TO BE ANSWERED ON 10.03.2021

MINIMUM MONTHLY PENSION UNDER EPF 

1856 SHRI M. SHANMUGAM

Will the Minister of Labour and Employment be pleased to state:

(a)the minimum monthly pension for a retired employee since when the Employees Provident Fund (EPF) pension scheme was started;

(b)the reason for not increasing the minimum monthly  pension despite increase in cost of living and higher inflation;

(c)whether demands have come for increasing minimum monthly pension from various quarters including trade union organisations;

(d)if so, the response of Government thereto; and

[post_ads]

(e)by when the minimum pension would be increased to ₹ 9000, as demanded by various trade unions, the details thereof?

ANSWER
MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT 

(SHRI SANTOSH KUMAR GANGWAR)
MONTHLY PENSION UNDER EPF
(a): The provision of minimum monthly pension of Rs.1000/- under Employees’ Pension Scheme (EPS), 1995 was introduced with effect from 01-09-2014 by providing budgetary support keeping the widespread demands even though there was no provision in the Scheme for such budgetary support.

(b): The Employees’ Pension Scheme (EPS), 1995 has been designed on the principles of a “Defined Contribution-Defined Benefit” Social Insurance Scheme and adopts “actuarial principles” for ensuring long term financial viability. As such, there is no provision in the Scheme for budgetary support. However, Government is already providing  budgetary  support  for   providing   minimum   pension   of Rs. 1000/-.

[post_ads_2]

(c) to (e): Representations have been received from various stakeholders for increase of minimum pension under the Employees’ Pension Scheme (EPS), 1995. The Scheme (EPS), 1995 has been designed on the principles of a “Defined Contribution-Defined Benefit” Social Insurance Scheme and adopts “actuarial principles” for ensuring long term financial viability. It is not possible to increase minimum monthly pension amount without compromising the financial viability of the Scheme and/or additional budgetary support. Government constituted High Empowered Monitoring Committee (HEMC) has recommended enhancement of monthly pension with some proviso.

नोट :- हमारे वेबसाइट www.indiangovtscheme.com पर ऐसी जानकारी रोजाना आती रहती है, तो आप ऐसी ही सरकारी योजनाओं की जानकारी पाने के लिए हमारे वेबसाइट www.indiangovtscheme.com से जुड़े रहे। 
*****

Comments

This week popular schemes

प्रधानमंत्री ग्रामीण आवास योजना लाभार्थी सूची 2021 Pradhan Mantri Gramin Awas Yojana List 2021

Uttar Pradesh Shramik Card Online Registration 2020 उत्तर प्रदेश श्रमिक कार्ड ऑनलाइन पंजीकरण 2020

प्रधानमंत्री आवास योजना ग्रामीण सूची। ऐसे देखे लिस्ट में अपना नाम ?

Uttar Pradesh One District One Product Training and Toolkit Scheme : उत्तर प्रदेश एक जनपद एक उत्पाद प्रशिक्षण एवं टूलकिट योजना

Pariksha pe Charcha 2022 : Last date for registration on 27th January, 2022

Rs 25 per liter Subsidy on Petrol : Check Eligibility Criteria and Application Process

Ek Bharat Shrestha Bharat Activities in Schools : CBSE

Extension of tenure of the National Commission for Safai Karamcharis for three years approved by Cabinet

Uttar Pradesh Police Recruitment & Promotion Board Assistant Operator Online Form 2022

Hostels in Navodaya Vidyalayas , State/UT-wise details of construction of hostels in Jawahar Navodaya Vidyalayas