Monday, June 24, 2019

Government proposes to increase the minimum pension for EPF pensioners?

Government proposes to increase the minimum pension for EPF pensioners?
EPFO


GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
LOK SABHA

STARRED QUESTION NO: 23
ANSWERED ON: 24.06.2019

EPF Pension

N.K. Premachandran
Will the Minister of

LABOUR AND EMPLOYMENT be pleased to state:-
(a)whether the Government has received report from the Committee appointed for study of the issues of EPF pensioners and if so, the details thereof;
(b)the details of the recommendations of the said Committee;
(c)whether the Government has initiated action for implementation of the recommendations of the said Committee and if so, the details thereof;
(d)whether the Government proposes to increase the minimum pension for EPF pensioners and if so, the details thereof; and
(e)whether the Government also proposes to stop the realisation of amount from the pension on account of commutation of pension after realising the commuted amount and if so, the details thereof?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)

(a) to (e): A statement is laid on the Table of the House.

STATEMENT REFERRED TO IN REPLY TO PARTS (a) TO (e) OF LOK SABHA STARRED QUESTION NO. 23 TO BE ANSWERED ON 24.06.2019 BY
SHRI N.K. PREMACHANDRAN REGARDING EPF PENSION.

(a) & (b): Yes, Sir. The Committee appointed for Evaluation and Review of the Employees’ Pension Scheme, 1995, headed by Additional Secretary, Ministry of Labour and Employment has submitted the report on 21st December, 2018. The report inter-alia has given observations/ recommendations on the following issues:
  • Increase of Minimum Monthly Member Pension
  • Period over which the Average Pensionable Salary is calculated
  • Restoration of commuted value of pension
  • Re-introduction of the provision for commutation of pension
  • Restoration of the provision of Return of Capital
  • Linking the monthly pension with cost of living index
  • Issues of payment of pension on higher/actual wages to employees of exempted establishments.

As far as pension on higher wages is concerned, the issue is sub-judice.

(c): The consultation process on the recommendations/observations on the Committee’s report has been initiated with Employees’ Provident Fund Organisation (EPFO) and Central Board of Trustees (CBT). CBT is a tripartite body representing trade unions, employers besides representatives of Central and State Governments.

(d): The decision on increase of minimum pension for EPF is dependent on the outcome of the consultation process and has impact on Budgetary resources of the Government as the Committee has recommended that increase in pension has to come from the Budgetary resources.

(e): No decision has been taken to restore the commuted value of pension, as it has implications on sustainability of the funds under Employees’ Pension Scheme, maintained by EPFO.

Source: LOK SABHA

0 comments:

Post a Comment

Now Trending

34% DA Order for Central Govt Employees wef 01.01.2022 - Latest CG Employees DA Order Jan 2022

 DA Order for Central Government Employees from Jan 2022 - Finmin Order 2022 Latest CG Employees DA Order Jan 2022 Dearness Allowance payabl...

Disclaimer:

All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. Our blog "Central Government Staff news" accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog.

Links to other websites that have been included on this blog are provided for public convenience only.

The blog "Central Government Staff news" is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.

Any suggestions write to us
centralgovernmentnews@gmail.com