1. Home
  2.  |  
  3. Economy Current Affairs |  

EPFO suspended 1000 rupees minimum monthly pension scheme

Apr 10, 2015 13:13 IST

Employees' Provident Fund Organisation (EPFO), the retirement fund body, on 9 April 2015 suspended the 1000 rupees minimum monthly pension scheme from April 2015.

The end of the minimum monthly pension provided under Employee Pension Scheme (EPS)-95 will hit about 32 lakh pensioners.

The decision to suspend the scheme was taken because, as per EPFO circular, there was no communication or direction from the Union Government to continue this scheme beyond 31 March 2015.

The circular further said that the payment pension from the month of April 2015 will be released at earlier rates, that is, without minimum pension provision.

Union Government had issued a notification on 19 August 2014 to hike the pension amount to flat 1000 rupees per month for those who were getting less than 1000 rupees per month as pension. The benefit of the scheme was made effective from 1 September 2014 to 31 March 2015.

Employee Pension Scheme (EPS)-95

Employee Pension Scheme (EPS)-95 came into effect on 16 November 1995 and the scheme was launched under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.

The Scheme applies to the employees of all factories and other establishments to which the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 applies.

Under the scheme, monthly benefits for superannuation/ retirement, disability, survivor, widow(er), children is provided and the amount of pension is based on average salary during the preceding 12 months from the date of exit and total years of employment.

The scheme also provides for minimum pension on disablement and also provides for past service benefit to participants of erstwhile Family Pension Scheme, 1971.

 

Is this article important for exams ? Yes60 People Agreed

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK