Minimum PF monthly pension fixed at Rs. 1000/-
Posted on: 11/Jul/2014 3:15:34 PM
The latest budget has confirmed that for all employees under the Provident Fund Scheme, the minimum PF monthly pension will be fixed at Rs. 1000/-.
This means an additional expense of Rs. 1271 Crores for the government for the current financial year. For this measure, all the PF pensioners who get monthly PF pensions below Rs. 1000/- will be benefited. It is estimated that 28 lakhs individuals including 5 lakhs widows will benefit from this.
The upper limit for pension under the EPS-95 scheme has been raised from Rs. 6,500/- per month to Rs. 15,000/- per month. This will benefit about 50 lakhs employees. Currently, about 44 lakhs individuals receive pension under the EPFO.
Single PF account number
EPFO is set to introduce single PF account number for each employee. This number will not change even if the employee resigns from one organisation to join another. This system will be implemented by this October. More than 5 Crores EPFO subscribers will benefit from this.
