EPFO Pension Scheme – Work on doubling the pension

EPF Pension Scheme – All about Employee Pension Scheme|National Pension Scheme|EPFO Portal|Eligibility for Pension|withdraw pension contribution from PF|pension contribution in PF. Preparation for minimum pension 2000 rupees, EPFO doing doubling of pension.

The employees who have a PF account are deposited by cutting 12 percent of their salary. In the same proportion, companies also deposit PF, EPS, insurance scheme in the same proportion.

The central government can increase the minimum pension from Rs 1,000 to Rs 2000. EPFO is doing double the pension. It is hoped that the government can take a final decision on this draft before the general elections. At the moment, in 2014, the Cabinet had reduced the minimum pension to 1000 rupees per month for one year, whose period was extended for 2015 indefinitely.

Prior to the 2019 Lok Sabha elections, the government wants to get doubled pension to those retired employees, who receive pension under EPFO’s EPS-95. The EPFO will take a decision within a week on the government’s proposal.

If this proposal is passed, then the government will have an additional burden of Rs 3,000 crore. Due to the doubling of pension, about 40 lakh people will get the benefit.

The government has Rs 3 lakh crore in pension fund, out of which 9 thousand crore rupees are spent under EPS annually. The pensioners have been pressurizing the government to make the pension between Rs.3000 and Rs.7500.

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