News
PF body likely to hike minimum pension to Rs. 1,000/-
Ahead of Lok Sabha polls, the government is likely to approve this month a proposal that will entitle formal sector workers a minimum monthly pension of Rs. 1,000, immediately benefiting 27 lakh pensioners.
Those who get less than Rs. 1,000 a month include 22 lakh member pensioners and 5 lakh widows as on March 31, 2013.
"The Labour Ministry\'s revised proposal for minimum pension of Rs. 1,000 per month was submitted to the Finance Ministry last week, and is likely to be approved this month," said an official source.
The ministry\'s proposal to assure minimum pension of Rs. 1,000 under the Employees\' Pension Scheme 1995 (EPS-95), run by the Employees Provident Fund Organisation (EPFO), is pending for a long time.
Earlier, the ministry had proposed that the government should increase its subsidy on the scheme from 1.16 per cent of the basic wages to 1.79 per cent to assure the minimum pension amount of Rs. 1,000 per month.
However, it did not find favour with the Finance Ministry as this would have resulted in permanent increase in subsidy provided by government.
The Labour Ministry in its revised proposal has asked the Finance Ministry to provide for around Rs. 1,300 crore additional amount every year for the purpose, and indicated that this amount can reduce over a period of time with more members subscribing to the EPS-95.
Besides, the government is in the process of raising the basic wages ceiling under the Employees Provident Fund Scheme to Rs. 15,000 from existing Rs. 6,500.
EPFO has a corpus of around Rs. 5 lakh crore including around Rs. 1.7 lakh crore in its pension fund.
GENERAL INFORMATION
- PF Benefits in Hindi
- PF Member Passbook
- UAN Member Portal
- PF Claim Status
- PF Paid Receipts
- ESI Benefits in Hindi
- ESIC IP STATUS
- AADHAR Online Update
- Minimum Wages in Gujarat
- Checklist for Employer
- Checklist for Compliance
- Labour Court Cases Status
- Registration of Employer under Apprenticeship
- Registration of Candidates under Apprenticeship Act
- GLWF Benefits
- ESI PF Help desk & Awareness Camp
- PM-SYM Pension Scheme
- Central Govt. Minimum Wages
LIST OF ACT
- Apprentices Act, 1961
- Bonded Labour System Act, 1976
- Contract Labour Act, 1970
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- Employees Provident Fund & Miscellanous Provisions Act, 1952
- Employee State Insurance Act, 1948
- Employment Exchanges Act, 1959
- Equal Remuneration Act, 1976
- Factories Act, 1948
- Industrial Disputes Act, 1947.
- Maternity Benefit Act, 1961
- Payment Of Bonus Act, 1965
- Payment Of Gratuity Act, 1972
- Payment Of Wages Act, 1936
- Employee's Compensation Act, 1923
- Bombay Shops & Establishments Act, 1948
- Professional Tax Act
- The Sexual Harassment of women at workplace (Prevention, Prohibition & Redressal) Act, 2013
- The Code on Wages,2017
- The Code on Industrial Relations Bill, 2015
- The Code on Social Security,2018
- The Labour Laws Gujarat (Amendment) Act, 2015