The Central Government is preparing to give a gift to the subscribers of the Pension Scheme (EPS) of the Employees’ Provident Fund Organization (EPFO). Modi government can increase the minimum monthly pension of employees from Rs 1,000 to Rs 9,000. If this happens, then the people associated with EPS will soon get Rs 9,000 as pension.
According to the news, the Labor Ministry can take a decision in this regard in the meeting to be held in February. In this meeting, there are speculations that a decision will be taken on the new Wage Code. It is being told that the main agenda of this important meeting is to increase the minimum pension under the Employees’ Pension Scheme.
There has been a demand for a long time that the pensioners have been demanding to increase the minimum pension for a long time. There have been many meetings and discussions of the Ministry of Labor regarding this. Apart from this, the Standing Committee of Parliament has also given suggestions in this regard. It is believed that the final seal can be taken in the February meeting.
Know how much will be the pension?
According to media reports, the central trade unions have demanded an increase in the existing minimum pension from Rs 1,000 to Rs 9,000, while the Central Board of Trustees or CBT may increase it to Rs 6,000. The controversial issue of investing EPFO money in private corporate bonds will also be a topic of discussion in the meeting. Also, a decision can also be taken on the issue of what should be the interest rate of the pension fund for 2021 22.
What is Employee Pension Scheme?
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 take advantage of the scheme, it is necessary for the employee to have at least 10 years of service. The employee contributes 12 percent of his salary to the EPF. The same amount is also given by the company. A part of the company’s contribution is deposited in EPS.