The Central Board of Trustees (CBT), the apex decision making body of EPFO, will also decide on amending EPF scheme 1952 to raise the monthly wage ceiling to Rs 15,000 to cover more workers under its various social security programmes like provident fund, pension and employee deposit-linked insurance.
At present, workers getting basic wages, including basic pay and DA, of up to Rs 6,500 are covered under the ambit Employees' Provident Fund Organisation (EPFO).
The Central Board of Trustees (CBT), the apex decision making body of EPFO, had earlier approved the proposal, following which the Labour Ministry pursued it with the Finance Ministry.
According to sources, after the nod given by the CBT, headed by the Labour Minister Oscar Fernandes, the two proposals would be put before the Union Cabinet for approval as the government would have to make provision of funds for the purpose.
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The entitlement of minimum monthly pension of Rs 1,000 to workers in the organised sector under the Employees' Pension Scheme 1995 (EPS-95), would benefit 27 lakh pensioners immediately.
At present, there are about 44 lakh pensioners. Of this 27 lakh, including 5 lakh widows, get less than Rs 1,000 a month.
The other proposal for raising basic wage ceiling under the Employees Provident Fund Scheme to Rs 15,000 from existing Rs 6,500 per month is expected to bring in 50 lakh more workers under the ambit of schemes run by the EPFO.