EPFO trustees approve minimum pension scheme of Rs 1,000

Trustees of retirement fund body Employees' Provident Fund Organisation (EPFO) on Wednesday approved a proposal to provide a monthly pension of minimum Rs 1,000, a decision that will immediately benefit its 2.8 million pensioners. The Central Board of Trustees (CBT), the apex decision making body of EPFO, also decided to raise the monthly wage ceiling to Rs 15,000 from Rs 6,500 by recommending an amendment of the EPF scheme, 1952, so that more workers can be brought under its various social security programmes. "The board has decided to approve the proposed amendments in the schemes to ensure that Rs 1,000 minimum monthly pension under EPS-95 and also increased the wage ceiling to Rs 15,000 per month," Labour Minister Oscar Fernandes told reporters in New Delhi. At present, workers getting basic wages, including basic pay and DA, of up to Rs 6,500 are covered under the ambit of EPFO. According an EPFO official, the labour ministry will soon move proposal before the Union cabinet for its approval for the Rs 1,000 minimum monthly pension as the government would have to make fund provisions for the purpose.