Assess Employees Pension Scheme 1995, revise meagre Rs 1,000 minimum pension, says the Parliamentary panel

A Parliamentary panel today asked the government to assess Employees Pension Scheme 1995 and consider revision of minimum monthly pension of Rs 1,000 under that, saying the social security benefit is too meagre to fulfil even basic needs. The Parliamentary Standing Committee on Labour in its 34th report tabled in Parliament today said it is of the firm opinion that this (Rs 1,000) is too meagre an amount which will not be able to fulfil even the basic monthly needs and requirements of a pensioner. The committee recommended that government undertake an assessment of the pension scheme with particular reference to the right of sustenance of the pensioners and based on the result, consider revision of the amount accordingly. Employee Provident Fund Organisation (EPFO) had started providing the minimum monthly pension of Rs 1000 under the Employees Pension Scheme 1995 from September 1, 2014. The committee also suggested that government should take a policy decision to pay such workers whose employers have not contributed towards social security schemes run by the EPFO and the Employees State Insurance Corporation (ESIC) from the fixed assets or deposits of crores still lying with the appropriate authorities.
Source: Financial Express

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