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Wednesday, May 13, 2015

Action taken on committee report regarding Provident Fund pensioners

Action taken on committee report regarding Provident Fund pensioners

GOVERNMENT OF INDIA
MINISTRY OF  LABOUR AND EMPLOYMENT
RAJYA SABHA

UNSTARRED QUESTION NO-1965
ANSWERED ON-13.05.2015

Action taken on committee report regarding Provident Fund pensioners

1965 . Dr. Satyanarayan Jatiya

Will the Minister of LABOUR AND EMPLOYMENT be pleased to state the action taken in the interest of Provident Fund pensioners with reference to the questions raised vide Report number 147 of the Committee on Petitions presented in the Rajya Sabha on 3rd September, 2013?


ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI BANDARU DATTATREYA)

The 147th Report of the Committee on Petitions, Rajya Sabha had, inter alia, recommended increasing the Government’s share of contribution to Employees’ Pension Scheme (EPS), 1995 from 1.16 per cent to 8.33 per cent to support the minimum pension level of Rs. 3,000/- per month. 

The recommendations of the Committee were examined by the Government and it emerged that if the Government’s share is increased from 1.16 per cent to 8.33 per cent, as recommended by the Committee, it would involve a substantial increase in the financial burden of the Government. It was estimated to involve Rs. 16,417 crore for the year 2013-2014 to implement this recommendation. The EPS, 1995 being a contributory scheme, obligations of all payments are met from the assets of the Fund. The higher level of minimum pension at Rs. 3,000/- is not possible without compromising the financial viability of the Scheme. However, Government vide notification No. GSR 593 (E) dated 19-8-2014 implemented the provision of minimum pension of Rs.1,000/- per month with effect from 01.09.2014 for the financial year 2014-15 by providing budgetary support keeping in view the interest of the most vulnerable sections. The Union Cabinet in its meeting held on 29.04.2015 has approved the continuation of minimum pension of Rs. 1,000/- per month under EPS, 1995 beyond 2014-15 with certain conditionalities. 

Source: http://rajyasabha.nic.in/

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