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Benefiting 27 lakh pensioners, the Finance Ministry has approved the plan of giving Rs 1000 to workers in form of minimum monthly pension. Under the Employees Provident Fund Scheme 1995 (EPS-95) run by EPFO, ministry has raised the basic wage ceiling from Rs 6500 to Rs 15000 per month. This is done under the social security schemes operated by retirement fund body. As per the present scenario, out of 44 lakh pensioners about 27 lakh receive less than Rs 1000 per month as their pension which include 5 lakh widows as well. Pensioners are sure to get benefited from this April as starting 2014-15, an additional subsidy of Rs. 1217 crore will be provided by the government for monthly pension of Rs 1000 per month.
This proposal has been pending as Labour Ministry has yet not received Cabinet’s approval. The earlier proposal of increasing subsidy on EPS-95 and raising the basic wage from 1.16% to 1.79% for ensuring pension was disapproved by Finance Ministry. Subsequently, a request has been launched by Labour Ministry over the provision of Rs 1217 crore. As soon as the Finance Ministry launches its approval, the wage ceiling to Rs 15000 will come into effect.
In 2012-13 government provided Rs 1400 crore for the same and 1.16% of basic wage of worker is provided by the same. The social security schemes run by EPFO do not include people who get basic wages more than Rs. 6500.
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It is important to get a wage ceiling under EPFO’s scheme as in would include 50 lakh more workers and this would subsequently increase the flow of savings, and, the EPFO has Rs 5lakh crore corpus with itself.
*All savings are provided by the insurer as per the IRDAI approved insurance
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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