The Employees’ Provident Fund Organization (EPFO) is thinking of huge advantages for its subscribers. Reports propose that the base annuity can be expanded for recipients before long. A meeting of the Ministry of Labor and Employment is planned to be held in February where a choice with this impact will occur.
The plan of the meeting will be the ascent in least annuity under Employees’ Pension Scheme or EPS wherein the base month to month benefits can be expanded from Rs 1,000 to Rs 9,000. Retired people had been requesting this for at some point now and many rounds of conversations have effectively occurred.
The choice on this will be taken remembering the suggestions of the Standing Committee of Parliament. Two significant issues are probably going to be talked about in the gathering which incorporates execution of the New Wage Code and least benefits under Employees’ Pension Scheme.
In March 2021, the Standing Committee of Parliament had recommended to increase the minimum pension amount from Rs 1,000 to Rs 3,000. However, the demand of pensioners is that the pension amount should be increased to at least Rs 9,000. Only then will the EPS-95 pensioner get the benefit in true sense.
One idea says that the annuity ought to be fixed by the last drawn compensation of the worker not long before the retirement. This idea will likewise be considered in the Labor Ministry meeting.
