Pension Increase for EPS95 Members: How Will the New Rs. 1000 Monthly Benefit Impact You?

Today, FM announced the above measures, and the pension of EPS95 members has been increased to Rs. 1000 per month.

The Employees' Provident Fund Organisation has to release the circular for the implementation of the above declaration, i.e., a minimum pension of Rs. 1000/- along with the salary ceiling hike to Rs. 15000.

Regards,
Abbas.P.S

Dear All,

Announcement of Minimum Pension Increase

All of us are aware that the Finance Minister has announced in the budget address that the minimum pension will be paid at Rs 1,000 per month under the Pension Scheme 1995. This implies that those who have retired in the past and have been drawing a pension of less than Rs 1,000 per month will now receive a minimum pension of Rs 1,000 per month. Henceforth, it has been announced that the minimum pension will be Rs 1,000 per month under the said scheme.

Increase in PF Contribution Ceiling

In addition to the above, the Finance Minister has also declared that the salary/wages ceiling on which PF contribution is paid will be raised from Rs 6,500 (basic & da) per month to Rs 15,000 (basic & da) per month. Consequently, the employer will have to bear an additional cost towards the Employer's contribution.

There has been no mention of the effective date for the implementation of the above proposals in the budget speech of the 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.

Regards,
Sibabrata Majumdar
Management Consultant Legal & HR
[Email Removed For Privacy Reasons]

Minimum Pension Increase

The minimum pension has been increased to Rs 1,000 per month. This pension is based on the deposits of employee contributions, with only 1.16% being paid by the Government. The UPA introduced the "BANDER BAUNT" (Monkey's Distribution scheme), but the implementation by Modi is both a CAT and Monkey Distribution System. Old age pension ranges from 1000 to 1500 without any deposits, "what great democratic rulers."

Committee for Unclaimed Funds

Furthermore, a committee will be formed to examine and recommend how unclaimed amounts from PPF, Post Office, saving schemes, etc., can be utilized to protect and further the financial interests of senior citizens. A new treasure to digest! More than 4000 crore is lying unclaimed in PPF accounts, apart from Post offices, banks, and other financial sectors. The implementation of the proposed UPA pension is a shame on the part of MODI, who announced a 3000 minimum pension when he was not the Indian ruler (PM).

This is about EPF. What about the increase in the ESI limit from 15,000 to 25,000? Has any proposal been made in the Budget? Please share any information on this matter.

The Gazette notification has not been published in this regard as of now. Additionally, it needs to be passed by both houses, as mentioned by one of my friends. Therefore, we will need to wait until then.

Regards,
J Basak
HR Professional

8.33% of the salary, subject to a salary ceiling of Rs. 15,000 (effective from 01.09.2014), will go to the pension fund, and the balance will be allocated to the PF account.

Regards,
Abbas.P.S