184
Minimum Pension under EPScheme:
" The Central Government had constituted an Expert Committee for reviewing the Employees’ Pension Scheme (EPS), 1995. The recommendations of the Expert Committee were placed before the Central Board of Trustees, Employees’ Provident Fund [CBT (EPF)] for consideration on 15th September, 2010. The CBT (EPF) directed that the report be first considered by the Pension Implementation Committee (PIC), a Sub-Committee of the Employees’ Provident Fund Organisation (EPFO). The PIC has since finalized its report and recommended that a minimum monthly pension under EPS, 1995 be increased to Rs.1000/- per month as an interim measure by enhancing the rate of contribution in the EPS, 1995 by 0.63%. The recommendations of the PIC was deliberated by the CBT (EPF) in its 197th and 198th Meetings held on 23rd December, 2011 and 22nd February, 2012, respectively. However, the deliberations have remained inconclusive and the Board has decided to defer the discussion."
This when implemented give marginal relief to some of the pensioners who draws < Rs.1000/- pension from their PF pension scheme.
kumar.s.
From India, Bangalore
" The Central Government had constituted an Expert Committee for reviewing the Employees’ Pension Scheme (EPS), 1995. The recommendations of the Expert Committee were placed before the Central Board of Trustees, Employees’ Provident Fund [CBT (EPF)] for consideration on 15th September, 2010. The CBT (EPF) directed that the report be first considered by the Pension Implementation Committee (PIC), a Sub-Committee of the Employees’ Provident Fund Organisation (EPFO). The PIC has since finalized its report and recommended that a minimum monthly pension under EPS, 1995 be increased to Rs.1000/- per month as an interim measure by enhancing the rate of contribution in the EPS, 1995 by 0.63%. The recommendations of the PIC was deliberated by the CBT (EPF) in its 197th and 198th Meetings held on 23rd December, 2011 and 22nd February, 2012, respectively. However, the deliberations have remained inconclusive and the Board has decided to defer the discussion."
This when implemented give marginal relief to some of the pensioners who draws < Rs.1000/- pension from their PF pension scheme.
kumar.s.
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Pension doubling to 2000 also shelved.QBiz_ EPFO Shelves Plan to Double Minimum Pension & More -.pdf