Update of the pension system for employees: Major change regarding pension for employees, know new update

Update of the pension system for employees: Will the minimum pension be increased? Can it be raised from Rs 1,000 to Rs 9,000? This is the requirements discussion of pensioners (Personnel pension system) which is also ongoing for a long time. The autonomous body, ie the EPFO ​​(Employees Provident Fund Organization) must decide on this. According to sources, an important meeting with the Ministry of Labor will be held in February. A decision on this may be taken in the light of the recommendations of Parliament’s Standing Committee.

Update of the pension system for employees

Update of the pension system for employees

Update of EPS employees’ pension systems

Two issues can be discussed at the Ministry of Labor’s meeting. First, a decision can be made on the implementation of the new Wages Act. At the same time, there is hope of agreeing on the second minimum pension system (Employee Pension Scheme). It is expected that decisions can be made about the minimum pension available in the long-term pension system for employees.

Minimum pension will be Rs 9000?

There is a requirement to increase the minimum pension from Rs 1000. This can be discussed during the presidency of Minister of Labor Bhupendra Yadav. In March 2021, the Standing Parliamentary Committee had recommended raising the minimum pension amount from Rs 1,000 to Rs 3,000. But the pensioners’ requirement is that the pension amount is much smaller, it should be increased to at least 9000 Rs. EPS (Employee Pension Scheme) -95 pensioners receive benefits in the true sense.

The basic right is a pension

The Supreme Court of 5 states has considered pensions a fundamental right. The question of its sealing is pending in the Supreme Court. If the roof is removed, its benefit will lie in the pension. However, there is a requirement that the pension must be determined in the Employee Pension according to the employee’s last salary just before retirement. The Ministry of Labor may consider the issue.

What is the EPS 95 Pension Scheme?

There is an employee pension system for all subscribers when they obtain the maintenance fund under the EPFO ​​(Employees Provident Fund Organization). People working in the organized sector receive a pension after the age of 58. For this, it is mandatory for the employee to have an employment of at least 10 years. Minimum pension of 1000 Rs is given. Widow’s pension, orphan’s pension are in the system. If the employee dies before 58 years of service, his wife and children will receive a pension.

EPFO: Update of the employee pension system

Provident Fund Organization Employees ( Employees’ pension fund Good news for our customers. Their minimum pension can be increased during the new year. The issue has been included on the agenda for the Ministry of Labor’s meeting to be held in February. It is expected that the minimum pension will be increased from Rs 1000 to Rs 9000 in the meeting.

It is worth noting that in March last year, the Parliament’s Standing Committee had recommended raising the minimum pension to Rs 3,000. In that case, pensioners have demanded Rs 9,000 for this for a long time. PF under EPFO ​​(Employees Provident Fund Organization). All employees are covered by the employee pension system (1995).

Organized block customers receive a minimum pension of Rs 1000 after 56 years. An employee is a pension administrator who has worked for at least 10 years. There is also a provision on widow’s pension and child pension in this system.

Also read – SCSS system: pension savings system, excellent investment for tax savings and regular income

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