Chances of Increment in Minimum Pension up to Rs 1000/- per month under EPS 95 Pension Scheme of EPF India!
There is a proposal of increment in minimum pension to Rs. 1000. This proposal is still under consideration of government. If this proposal is passed approx. 28 lakh pensioners will get benefited from it.
Who will get benefit?
According to data on Dec 31st 2012, Approx. 12 lakh beneficiaries get less than Rs.500 per month as pension and moreover approx. 16 lakh beneficiaries get more than Rs.500 and less than Rs.1000 per month. All these pensioners are eagerly waiting for this proposal to be passed.
Ministry of Labour and Employment has raised this proposal to provide minimum Rs.1000 as pension to all EPF India Pensioners and thereby enhancing contribution of government.
There have been many representations regarding the current pension and increase in minimum pension. As a result Government of India constituted an Expert Committee for reviewing the Employees’ Pension Scheme 1995. Pension Implementation Committee (PIC) has recommended a minimum monthly pension of Rs.1000. However this recommendation is still under consideration. You can check your PF Balance here!