Latest news with #EPS-95
Time of India
3 days ago
- Business
- Time of India
Will minimum EPS-95 pension be hiked this festive season? Govt responds in Parliament
What is EPS? Academy Empower your mind, elevate your skills Questions on minimum pension under EPF-95 Is there any decision expected ahead of the upcoming festive season? Pensioners in India are looking forward to a long-awaited increase in the minimum monthly pension amount under the Employees' Pension Scheme (EPS-95). The current minimum pension is Rs. 1,000 per month, but trade unions, pensioners' associations and public representatives have been urging the government to raise the government has also confirmed that it has received many requests from trade unions and public representatives for an increase in the minimum Employee Pension Scheme (EPS) is a retirement benefit plan introduced by the Indian government in 1995 to provide financial security to employees after they stop working. It is part of the Employees' Provident Fund (EPF) framework. While, EPF serves as a lump sum retirement corpus, EPS provides pension upon retirement. This pension varies depending on the member salary and years of service. The funds in EPS need not be contributed Wealth Online tells you in detail the questions asked by the Members of Parliament on the minimum pension hike and the government's reply on the read: Higher pension: These central government employees to get pension hike due to minor salary increase Members of Parliament Vaiko and M. Shanmugam asked various questions on minimum pension.(a) Whether the demand to enhance minimum pension in Employees Pension Scheme (EPS-95) is under consideration of Government for a long time?(b) If so, by when Government will take a decision, especially in view of mounting pressure from the trade unions and the court judgments?(c) The constraint in increasing the EPF pension when there are sufficient funds available in the corpus fund and the accumulated unclaimed funds? and(d) Whether Government would expedite a decision in view of coming festival season?The government responded to the questions in Parliament:Representations have been received from various stakeholders including trade unions and public representatives to increase the minimum pension under the Employees' Pension Scheme (EPS), 1995 from existing Rs. 1000/- per month. The EPS, 1995 is a "Defined Contribution-Defined Benefit" Social Security Scheme. The corpus of the Employees' Pension Fund is made up of (i) contribution by the employer @ 8.33 per cent of wages; and (ii) contribution from Central Government through budgetary support @ 1.16 per cent of wages up to an amount of Rs.15,000/- per month. All benefits under the scheme are paid out of such accumulations. The fund is valued annually as mandated under paragraph 32 of the EPS, 1995 and as per the valuation of the fund as on 31.03.2019, there is an actuarial deficit. However, the Government is providing a minimum pension of Rs. 1000 per month to the pensioners under the EPS, 1995 by providing budgetary support, which is in addition to the budgetary support of 1.16 per cent of wages provided annually towards EPS to Employees' Provident Fund Organisation (EPFO).There is no confirmation of a pension hike before the festive season. The government did not commit to a timeline but reiterated that it continues to provide budgetary support to ensure the minimum Rs 1,000 pension.
Hans India
4 days ago
- Politics
- Hans India
Retired govt employees left in the lurch
On July 24, some unstarred questions were raised in the Rajya Sabha by Vailko and Shanmugam on enhancement of minimum pension amount to EPS-95 retirees, who have been receiving a measly Rs 1,000 monthly pension since 2014. The same old reply was given by Minister of State for L&E Sushri Shobha Karandla. How long will this dilly-dallying tactic continue? The GOI says that there is no money with it or with the EPFO. Every month GST income that is generated from the public is over Rs one and half lakh crore and crores is stocked with EPFO. Where is the money coming to pay exorbitant amounts to pay the abnormal salaries and perks to MPs and which are enhanced at periodical intervals? Loads of money and material is transported to the calamity affected nations and for freebies to lower income Indian citizens. These retirees are not being treated as human beings. Thousands of retirees are already dead, and the living ones are on ventilation waiting for their exit but the government shows no consideration for them. Dr N S R Murthy,Secunderabad
Time of India
21-05-2025
- Politics
- Time of India
Denied higher pension, retirees' association pleads CJI to intervene
Nagpur: Alleging grave injustice to lakhs of retired persons, Employees Pension (EPS-1995) Coordination Committee has written to Chief Justice of India Bhushan Gavai seeking his intervention after a Supreme Court bench dismissed a key petition filed by Powergrid Retired Employees' Association related to EPS-95. The committee claimed the Supreme Court verdict has denied rightful pension benefits to senior citizens who retired before September 1, 2014. In a letter dated May 20, the committee's national general secretary Prakash Pathak and national legal advisor Dada Tukaram Zode have demanded "sympathetic intervention" from the CJI, citing "arbitrary and unjust treatment" by a Supreme Court bench, which, they alleged, failed to address core grievance regarding misinterpretation of earlier apex court orders. "For the first time since 2004, we are not getting justice from the top court," said Pathak, referring to a decades long legal struggle to secure higher pension based on actual salary. "Till 2016, 10 special leave petitions (SLPs) filed by Employees' Provident Fund Organisation (EPFO) were rejected. But since 2019, the trend has reversed against the pensioners." The letter points to Kerala high court's 2018 verdict, which held EPFO's pension scheme amendments illegal — a decision later upheld by the apex court in April 2019. However, the committee alleged that subsequent review petitions and SLPs filed by the EPFO and the Centre were processed in an "inconsistent" manner, with fresh benches taking up matters already decided by three-judge benches. The association particularly flagged a paragraph — 44(v) — in the November 4, 2022 judgment by the top court. "The EPFO later misused this paragraph to issue circulars dated December 29, 2022, and January 25, 2023, which effectively excluded pre-2014 retirees from the benefit of higher pension, triggering around 77 subsequent legal applications — all of which were dismissed," said the association. "This pension scheme is meant for social welfare and security in the old age of workers. The court should protect such right to life," the letter reads. It also claims that dismissal of Powergrid staffers plea was done "without considering facts and merits," causing distress to elderly pensioners across the country. The committee has also enclosed a copy of an earlier letter addressed to the apex court, expressing dismay over the verdict. Seeking urgent remedial action, the committee has requested the CJI to examine the case for fairness and consider an appropriate inquiry "in the interest of justice to pensioners across the country."
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Business Standard
13-05-2025
- Business
- Business Standard
Over 4 million Beedi workers likely to get relief on pension math
Labour min to examine classifying beedi industry as 'seasonal' establishments Premium Shiva Rajora New Delhi Listen to This Article In a move that could benefit over 4 million beedi workers in nearly 8,000 establishments covered under the Employees' Provident Fund Organisation (EPFO), the Union labour ministry is going to examine classifying the beedi industry as 'seasonal' establishments. The move will relax the 'non-contributory period' (NCP) norms under the Employees' Pension Scheme, 1995 (EPS-95) for beedi workers, making it easier for them to qualify for pension benefits. A non-contributory period (NCP) refers to a period when an employee is absent from work and does not receive wages. During such periods, no contribution is made to the employee's provident fund (PF)
