The much-awaited minimum monthly pension of Rs. 1,000 and a higher wage ceiling of Rs. 15,000 for social security schemes run by the retirement fund manager Employees' Provident Fund Organisation (EPFO) will be implemented from September 1.
The government's decision to fix the pension entitlement of Rs. 1,000 under the Employees' Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who currently receive less than this amount. The move to enhance the minimum wage ceiling for becoming a subscriber of the EPFO to Rs. 15,000 a month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.
"The government has notified the enhancement of the wage ceiling to Rs. 15,000 per month, fixed the minimum monthly pension at Rs. 1,000 under EPS-95, and enhanced the maximum sum assured under the Employees' Deposit Linked Insurance (EDLI) Scheme to Rs. 3 lakh," EPFO's Central Provident Fund Commissioner K. K. Jalan told PTI.
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7The government's decision to fix the pension entitlement of Rs. 1,000 under the Employees' Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who currently receive less than this amount. The move to enhance the minimum wage ceiling for becoming a subscriber of the EPFO to Rs. 15,000 a month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.
"The government has notified the enhancement of the wage ceiling to Rs. 15,000 per month, fixed the minimum monthly pension at Rs. 1,000 under EPS-95, and enhanced the maximum sum assured under the Employees' Deposit Linked Insurance (EDLI) Scheme to Rs. 3 lakh," EPFO's Central Provident Fund Commissioner K. K. Jalan told PTI.
From India, Vapi
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