- Employee Pension Scheme: Preparation to increase the amount of pension received after the age of 58 years
- In this connection, the Labor panel may meet on Wednesday, other issues will also be discussed.
Employee Pension Scheme
There are several pension schemes to secure the future of government employees. But there was no such facility earlier to make the old age of people employed in private sector employment comfortable. Later, under the Employee Pension Scheme, 1995 (EPS), arrangements were made to provide monthly pension benefits to post-retirement employees working in the organized sector of the private sector. However, in view of inflation, this pension is not sufficient. In the Corona period, it will be necessary to increase it further. For this purpose, the government is considering increasing the monthly pension amount under the Employee Pension Scheme to 5 thousand rupees per month. In this connection, the Labor Panel can hold a meeting on October 28, ie tomorrow. In which final decision will be taken on this issue.
According to media reports, preparations are being made to pay more interest on Provident Fund (PF) and Rs 5000 per month pension under Employees Pension Fund. The objective of the Central Government is to provide security of old age and social security to the unorganized workers. According to sources, some trade unions and trade unions were also demanding an increase in pension amount for some time. In such a situation, the minimum pension under the EPS scheme is being considered. In addition to the pension, a meeting of the panel set up for the PF fund is also likely to discuss the financial benefits given to the account holder’s family after his death.
It is being told that a report will be prepared for the important points of discussion in the EPF Fund Panel. Which will be introduced in Parliament in the winter session. There is also a possibility of increasing the interest paid under the Employees Provident Fund (EPF). It is known that right now 8.5 percent interest is being given for 2019-20. This is the lowest in the last five financial years. As such, it can be increased from the next financial year. So that employees can get more benefits.
What is EPS Pension Scheme?
The EPS pension scheme was introduced to enable employees working in the private sector organized sector to get the benefit of monthly pension after retirement. Under the EPF Scheme 1952 Act, 8.33 per cent of the employee’s EPF contribution of 12 per cent to the employee’s EPF goes to the EPS. The benefit of which is given to the employee after the age of 58 years. Private employees can avail a monthly pension under the EPS scheme. The contribution from both the employer and the employee in EPF is 12-12% of the employee’s basic salary + DA.