Business Desk, Press24 News, New Delhi
Published by: Dimple Aladhi
Updated Mon, 06 Sep 2021 12:34 PM IST
Today, in the meeting of the EPFO board, a decision can be taken on the pension received under the Employees’ Pension Scheme (EPS).
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Demand to increase pension amount
Earlier in March, the Standing Committee of Parliament had recommended raising the minimum pension amount from Rs 1000 to Rs 3000. At the same time, the pensioners have demanded that the amount of pension is very less, it should be increased to at least Rs 9000. Only then will the Employees’ Pension Scheme (EPS-95) pensioners benefit in true sense.
Demand to fix pension according to last salary
According to the demand of EPFO board member and Bharatiya Mazdoor Sangh, the amount of pension should be fixed according to the last salary of the employee just before retirement. It is to be known that at present, the average of the salary of the last five years is seen and on the basis of this the pension is fixed. However, the Labor Ministry has expressed its inability to do so.
What is Employee Pension Scheme?
It is to be known that the Employees Pension Scheme (EPS) was started in the year 1995. Under this, people working in the organized sector at the age of 58 years get pension. To avail the benefits of the scheme, it is necessary for the employee to have at least 10 years of service. The employee contributes 12% of his salary to the EPF. The same amount is also given by the employer. But, a part of the employer’s contribution is credited to the EPS. This account contributes 8.33 per cent of the salary. Its most important thing is that in case of death of the employee, his family is entitled to get pension.
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