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Union Government approved continuation of 1000 rupees Monthly Pension Scheme under EPS

Apr 30, 2015 17:50 IST

Union Government on 29 April 2015 approved continuation of 1000 rupees Monthly Pension Scheme under Employees' Pension Scheme, 1995 (EPS) beyond 2014-15 on perpetual basis.

The move would benefit over 20 lakh pensioners under social security scheme run by Employees Provident Fund Organisation (EPFO). It will cost additionally 850 crore rupees to the exchequer of the government.

The scheme was launched with effect from 1 September 2014. It hiked the pension amount to a flat 1000 rupees per month for those who were getting lower amount earlier and it was initially effective till 31 March 2015.

As a result, the EPFO had to suspend the scheme from 1 April 2015 in the absence of any direction from the government to continue with this benefit beyond 31 March 2015.

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