Millennium Post

Centre mulls Rs 1,000 minimum pension under EPS-95

‘A proposal for providing a minimum pension of Rs 1,000 per month to pensioners under EPS-95 is under consideration of the government,’ labour minister Oscar Fernandes said in a written reply.

Under the EPS-95 run by retirement fund body Employees’ Provident Fund Organisation (EPFO), employees do not contribute for pension.

The employers contribute 8.33 per cent of the basic wages including basic pay and dearness allowance towards the EPS-95 where as Central Government contributes 1.16 per cent of basic wages from its budget. The proposal is pending with government for a long time.
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