Government launches Rs 1000 minimum pension across the country
Posted on: 01/Oct/2014 11:24:48 AM
Subscribers to the retirement fund EPFO will get a minimum of Rs.1,000 a month from 1 October under Employees’ Pension Scheme 1995 (EPS-95) as the government formally launched the programme on Tuesday.
The government will shell out an estimated Rs.1,200 crore to provide for this entitlement. According to Employees’ Provident Fund Organisation (EPFO) estimates, around 32 lakh pensioners under the scheme, who get less than Rs.1,000 every month as pension, will benefit immediately.
There are 49 lakh pensioners under the scheme and about 13 lakh get less than Rs.500 a month. The government had last month notified amendment to the EPS-95 to provide a minimum monthly pension of Rs.1,000 to beneficiaries under the scheme which provides for the benefit after attaining the age of 58. As many as 37 union ministers and other MPs presided over separate functions simultaneously to launch the entitlement at different offices of the Employees’ Provident Fund Organisation across the country, a senior official said. EPFO has over 120 offices in the country.
