Management Consultants Legal & Hr
Taxation And Hr
Asso.prof.(commerce & Management) Pg
Assistant Engineer, Indian Telephone Industries,
All of us are aware that Finance Minister has announced in the budget address that minimum pension will be paid @ Rs 1,000/ per month under the Pension Scheme 1995. It indicates that those who have retired in the past and have been drawing pension less than Rs 1,000/ pm will receive a minimum pension of Rs 1,000/ pm. Henceforth, it has been announced that minimum pension will be Rs 1,000/ pm under the said scheme.
In addition to the above, the Finance Minister also has declared that salary/wages ceiling on which PF contribution is paid, will be raised from Rs 6,500/ (basic & da) pm to Rs 15,000/ (basic & da) pm.Consequent to the above,the employer will have to bear additional cost towards Employer's contribution.
There has been no mention as to the effective date for implementation of the above proposals in the budget speech of Finance Minister.
In view of the above, we are to follow the notification to be issued by EPFO, on the above subject,declaring the date for implementation.
Management Consultant Legal & HR
13th July 2014 From India, Calcutta
#AnonymousMinimum pension increased to Rs 1,000 per month . This pension is against the deposits of employee contribution, only 1.16 is paid by the Government. UPA the "BANDER BAUNT" ( Monkey's Distribution scheme) but implementation by the Modi is both CAT and Monkey Distribution System. Old age pension is 1000-1500 against no deposits, "what a great democratic rulers". FURTHER A committee will to examine and recommend how unclaimed amounts with PPF, Post Office, saving schemes etc. can be used to protect and further financial interests of the senior citizens, A new treasure to digest !!!!! More than 4000 crore is lying unclaimed as PPF accounts apart from Post office/banks other financial sectors. Implementation of proposed UPA pension is shame on the part of MODI who announced 3000 minimum pension when he was not Indian ruler (PM)
14th July 2014 From India, Gurgaon
All the Budget proposals will take atleast two months to see the light of the day till a formal gazette notification is issued after complying with all formalities such as the Finance Bill has to be passed by both the houses of Parliament(Modi's govt. is short of majority in the Rajya Sabha), then should obtain the accent of the Rashtrapathi and a Cabinet Note to be approved amending the relevant provisions of the Acts concerned, then with that it is released to the India Govt.Press for issuing the Gazette notification with date of implementation. So let us wait for few more months before get cracking.
I also share the concern of Yogcheekoo. Poor helpless People's money shouldn't be diverted to fill the pockets of politicians by appropriating to the Govt.'s exchequer by whatsoever method it is going to be. No efforts should be spared to find/trace the beneficiaries and rightful owners and claimants of those contributions and deposits irrespective of the time it would consume. It's nothing wrong even if some portion of that accumulations are spent on communications and trackers/tracers.
14th July 2014 From India, Bangalore