Rahul Lamase
3 years 5 months ago
With regard to enhancement of minimum pension, it is informed that the Employees Pension Scheme 1995 is a self funded scheme with contributions @ 8.33 percent of wages from employer and 1.16 percent of wages by Central Government. All benefits under the scheme is paid out of such accumulations. The fund is valued annually and additional reliefs paid if the position of the fund so permits. Since the year 2000(except 2015), the fund ran into deficit and no additional reliefs could be paid. In spite of this, the Central Government has enhanced minimum pension to Rs. 1000/- p.m. by providing budgetary support keeping the widespread demand in view even though there is no provision in scheme for such budgetary support. Further, as per recommendations made by High Empowered Monitoring Committee constituted by the Government, a proposal increasing the minimum pension under EPS, 1995 from Rs. 1000 to Rs. 2000 per month by providing additional budgetary support, was sent to Ministry of Finance
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