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Govt approves Rs 1,000 minimum monthly pension under Employees’ Provident Fund

Business Standard:  July, 2014

New Delhi: The National Democratic Alliance (NDA) government has given a much-awaited nod to minimum monthly pension of Rs 1,000 for Employees' Provident Fund Organisation (EPFO) subscribers benefiting 2.8 million pensioners, the Parliament was informed today.

"Yes, Government has approved minimum pension of Rs 1,000 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.

This would immediately benefit 2.8 million out of the total 4.4 million pensioners covered under the EPS-95 scheme.

This decision was earlier taken by the Cabinet under the United Progressive Alliance (UPA) government in February and the pensioners were to get a benefit from 1 April this year, however, due to the model code of conduct, this couldn't be implemented.

Union labour minister Narendra Singh Tomar had met central labour unions after taking charge and had assured them of timely approval of the decision..

According to news agency Press Trust of India, 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. The official told PTI that the government could formally announce this entitlement in the forthcoming budget on Thursday.