• Skip to main content
  • Skip to primary sidebar
  • Home
  • Holidays 2022
  • CSD Price
  • Pay Matrix
  • Expected DA

CGEN.in

Central Govt Holiday List | 8th Pay Commission Latest News

cegn logo
You are here: Home / Pension / Request to Hike Minimum Pension under EPF Pension Scheme

CSD AFD Canteen Online Portal - List of AFD Items

CSD AFD Price PDF 2022 Activa CSD Price 2022
CSD Gas Stove Price 2022 CSD Bullet Price 2022
CSD Chimney Price 2022 Kerala Lottery Results Today

Request to Hike Minimum Pension under EPF Pension Scheme

Last Modified: March 29, 2022

Demand to Hike Minimum Pension under Employees Pension Scheme

Demand to increase Minimum Pension under EPF Pension Scheme

GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT

RAJYA SABHA

STARRED QUESTION NO. 177
TO BE ANSWERED ON 17.03.2022

DEMAND TO INCREASE MINIMUM PENSION UNDER EPF PENSION SCHEME

177. SHRI M. SHANMUGAM:

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

(a)whether Government is receiving demands from stakeholders like trade unions and public representatives for increasing the minimum pension under the EPF pension scheme;

(b)if so, the demands of the stakeholders and the response of the Government;

(c)whether Government would consider positively the hike in minimum pension for the EPF holders, in view of rise in the cost of living index and hike in wages;

(d)if so, by when it is expected to be announced; and

(e)if not, the justifiable reasons for not increasing the minimum pension?

ANSWER

MINISTER OF LABOUR AND EMPLOYMENT
(SHRI BHUPENDER YADAV)

(a) to (e): Representations have been received from various stakeholders to increase the minimum pension under the Employees’ Pension Scheme (EPS), 1995.

The Employees’ Pension Scheme (EPS), 1995 is a ‘Defined Contribution-Defined Benefit’ Social Security Scheme. The corpus of the Employees’ Pension Fund is made up of (i) contribution by the employer @ 8.33 percent of wages; and (ii) contribution from the Central Government through budgetary support @ 1.16 percent of wages, up to an amount of Rs.15,000/- per month. All benefits under the scheme are paid out of such accumulations. The fund is valued annually as mandated under paragraph 32 of the EPS, 1995 and as per the valuation of the fund as on 31.03.2019, there is an actuarial deficit.

Amount of member’s pension under the Scheme is determined by taking into account the pensionable period of service and pensionable salary as per the following formula:

Pensionable Service X Pensionable Salary
70

It is evident that the amount of pension is based on a predefined formula. However, the Government, for the first time, in the year 2014, provided a minimum pension of Rs. 1000 per month to the pensioners under the EPS, 1995 by providing budgetary support, which was in addition to the budgetary support of 1.16% of wages provided annually towards EPS to Employees’ Provident Fund Organisation (EPFO).

Considering the demands of the Employees’ Pension Scheme (EPS), 1995 pensioners, the Government. constituted a High Empowered Monitoring Committee (HEMC) for complete evaluation and review of EPS 1995. The Committee considered the issue of dearness allowance under EPS, 1995 and has recommended, inter-alia, that linking the pension admissible under EPS 95 with the cost of living index is not feasible in view of the actuarial position.

Source: Rajya Sabha

Also read this...

  • Modi Govt gave its approval for continuation of the minimum pension of Rs.1000 per month to the pensioners of Employees Pension Scheme
  • Hike in Minimum Pension
  • EPFO plans to hike minimum pension to Rs.2k
  • Provision of Minimum Pension of Rs.1000 per month the Pensioners under the Employees Pension Scheme 1995
  • Minimum pension fixed for retired Central Government employees
  • Benefit of two years weightage of service to the members with 20 or more years of Pensionable Service under Employees’ Pension Scheme, 1995
  • Clean up the employees’ pension scheme
  • 7th CPC Minimum wage and fitment formula hike issues – CoC Karnataka
  • Central govt employees seek review of minimum basic pay; demand 44% hike on 7th CPC recommendation
  • March 28, 2022 Filed Under: Pension, Pension Funds

    Reader Interactions

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Primary Sidebar




    Latest Update

    • Rationalisation of Income Tax Slabs 2022 March 28, 2022
    • Central government Retirement Age 2022 March 28, 2022
    • Reservation Limits for Financially Weaker Segments March 28, 2022
    • Senior Citizens Welfare Plans 2022 March 28, 2022
    • Request to Hike Minimum Pension under EPF Pension Scheme March 28, 2022
    • Central Government Health Scheme Card Fees for Retired Govt Employees March 26, 2022
    • Fixed Monthly Incentive Received by ASHAs of Rs. 2000 PM March 26, 2022
    • Computer Advance Interest Rate to Government Servants 2022-23 March 26, 2022
    • Official Announcement – Bank Strike On March 28-29 Against Privatisation March 26, 2022
    • Indian Government is Planning to Issue E-Passports in 2022-23 March 26, 2022
    • Issue of Retiring from the Indian Air Force at a lower rank March 26, 2022
    • Air India LTC Fares updated as of 04 March 2022 March 25, 2022
    • Air Travel on Government Account: Railway Board Order March 25, 2022
    • Travelling Allowance to person re-employed in Railways March 25, 2022
    • Risk Allowance to the Defence Civilian employees March 25, 2022

    Copyright © 2023 - https://cgemployeesnews.in/