Minimum Monthly Pension

March 19, 2012 12:58
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Minimum Monthly Pension
The Pension Implementation Committee, a sub committee of the Central Board of Trustees, Employees’ Provident Fund [CBT (EPF)], has recommended that the minimum monthly pension under EPS, 1995 be increased to Rs. 1000/- per month as an interim measure. The issue was placed for consideration of the CBT(EPF) in its 198th meeting held on 22.02.2012 wherein the Board decided to defer the discussion.

As on 31st March, 2011, the number of employees getting pension benefits from the Employees’ Provident Fund Organisation is 36,00,089.

 

This information was given by Minister of Labour and Employment Shri Mallikarjun Kharge in reply in reply to a written question whether there is a proposal toprovide fixed minimum pension to all the employees who are covered under Employees` Provident Fund Organisation(EPFO); if so, the details thereof alongwith the minimum amount the Government is planning to give to the pensioners; whether the Government has decided to revise the existing scheme in view of the demands of the workers for a reasonable hike in their EPF pension; the time by which the enhanced pension is likely to be disbursed; and the number of employees who are getting pension benefits from the EPFO at present?

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Comments

  1. S.K.Mittal says:

    It is need of the hour that Minimum Pension may be increased to Rs.1000/- per month to enable the Pensioners to meet their expenses to some extent along with sanction of Cost Inflation benefit yearly like Govt. employees. Delhi Govt. has also sanctioned Rs.1000/1500/- to every eligible citizens of Delhi. Every beneficiary will be gratedful for such a decision.

  2. SANTHAKUMARI.K.L. says:

    is need of the hour that Minimum Pension may be increase to Rs.1000/- per month to enable the Pensioners to meet their expenses to some extent along with sanction of Cost Inflation benefit yearly like Govt. employees. Delhi Govt. has also sanctioned Rs.1000/1500/- to every eligible citizens of Delhi. Every beneficiary will be gratedful for such a decision. but only decisions are taking in each meeting but INPLEMENTATION is only the like “lines in water”. This is very shame that I am getting Rs.560/- and my service is 40 yrs. Today(8/8/12) Sasitharur demanded minimum 5000 should give to the old people like me. Yes as like past IT WILL HAPPEN OUR DEATH.if so thank GOD
    SANTHAKUMARI.K.L
    EPF PENSIONERNO.KR/KCH/24409/23.07.2002

  3. MENON SASIKUMAR says:

    This is something very strange to understand the calculation of this pension Scheme. An Employee who have joined Servie on 1.1.1996 and he never withdrawn from P.F accounts and no break in service have a balance in his Employee Share is Rs. 324400/- as on 31.3.2011 and whereas Employer share is Rs.157850/- only, means the differene of Rs. 166550/- gone to pension Fund. If the employee retired and who opt for a pension on 1.4.2012, he is eligible for a pension of Rs. 1393/- only ( 6500X15 Years ) /70= 1393/-. Suppose if he deposited this Rs.166550/- to a bank and he easily get a interest of Rs.1400/- per month and his principal amount of Rs.166550/- is safe and anytimes he can utilize the amount at his wish. Is this a social service measure of Govt. Let us think about that, the rule makers mainly top brass Govt Officials or any Govt officials, those who put minimum 20 years service in Govt will get 50% pension of their average salary of last 10 months a plus DA , whih govt revises 2 times in a year ie from Januaary and July. Even a Class 4 Employee retired after putting a minimum Service of 20 years will get a minimum pension of 3500/- plus DA @ 65% ( Present rate as on 30.06.2012) will comes to Rs.5775/- and this is the minimum Family Pension in Central Govt. In this case, why the Govt authorities or Ministers concerned are not giving serious attention to this aspect. is is ok this so called minimum pension of Rs.1000/- equal to Rs.5775/- which is being given to Govt. Employees. In otherwards, The So called Employees Prov.Fund Organization Employees are getting pension under the Central Govt. Pattern and not under this EPF rules. Is it correct. Govt should protect the welfare of the Employees, who have put their lives for the betterment of the nation, and obviously for their livilihood, and like Govt. Employees Govt. Should Consider EPF members also at par with them.

    Best Regards

    Sasikumar Menon

  4. Lakshminarayana says:

    Yes. The pension at this stage has to be increased at least to Rs.2500/- pm. What a person gets for a paltry Rs.1000/- these days. If a pensioner is entirely dependent on his hard earned money after retirement, what will the fateof the person who does not have a own house. Many retired persons will definitely have their own commitments when they get the retirement benefits, like marriage of their children, clearance of debts, if any. Like this the retirement benefits will fade away in unforeseen and anticipated expenses. What is left is only part of the money, which may not fetch much interest if invested in banks. Many pensioners find it very difficult to meet both ends. The pension amount of Rs.500 to 1000/- what is being paid now is not even sufficient to meet the the basis like rent/milk/electricity. What a pentioner has to do to meet their other day to day expneses or any other commitments on dependents. It is high time that the pension is immediately revised atleast to Rs.2500/- per month. PF authority/govt is not paying this pension from the pocknet. It is the returns on the deductions made and deposted in PF office out of pensioners earings. THIS ISSUE IS TO BE RESOVLED INSTANTLY BY THE CONCCERNED OFFICIALS/MINISTRY AND THERE SHOULD NO REASON FOR ANY FURTHER DELAY.

  5. M SEETHAPATHY says:

    The monthly minimum pension must be revised to Rs.3000/- at leaset, as every income is followed with double expenditure now- a- days. Pension is a form of relief to live peacefully after retirement. Some State Governments are sanctioning old age pension of Rs.2000/- pm. When it is so, the EPF Minimum Pension is to be fixed at Rs.3000/- with DA benefits since the EPFO is also a Government of India Organisation and the Central Pension rules should apply in this case also.
    Best Regards,
    M SEETHAPATHY

  6. The Government is increasing wages and pensions to all its personnel/employees from time to time. A person having worked under private company for about 20 years, is only entitled to get a small amount of family pension even below Rs.750/-. It is also because that time the salaries were very low and contribution to PF also was very low. Considering the inflationary trend, the government should consider increasing the minimum pension so that those who get small amount of this pension would be benefited.

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