It seems that there is good news coming for thousands of pensioners and millions of employees of the country in terms of salaries and pensions. It is reported that there is a proposal to increase the salary limit of the EPFO pension fund. After receiving the green signal, the contribution of both PF and pension will be increased. Before this, the Central Government announced the Unified Pension Scheme for the government employees. In such a situation, good news may also come for the private sector employees. Let us tell you what it is all about as well.
The decision can be made soon
According to media reports, the Finance Ministry may take a decision to increase the salary limit. The Labour Ministry has proposed to increase the salary limit from the current Rs 15,000 to Rs 21,000. The proposal was sent in the month of April. The Employees Pension Scheme i.e. EPS is managed by EPFO. Since September 1, 2014, i.e. almost a decade, the salary limit for EPS has been Rs 15,000. By increasing the salary limit, private sector employees will benefit a lot and get better benefits. Now the ministry may take a decision on this matter soon.
You will get benefits like this
According to media reports, as per the proposal of the Ministry of Labour, the salary limit will be increased from Rs 15,000 to Rs 21,000. With this decision, the pension and EPF contribution of employees working in the private sector will increase. If the salary limit reaches Rs 21,000, the pension amount will automatically increase and you will get more money after retirement. Apart from this, due to the increase in salary limit, more and more employees will come under your jurisdiction. You will also get more money after retirement.
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They demand an increase in the minimum monthly pension
Separately, a delegation of employees associated with EPS, 1995 met senior officials of the Employees’ Provident Fund Organisation (EPFO) on Tuesday and reiterated their long-standing demand for a minimum monthly pension of Rs 7,500. The National Movement Committee (NMC) EPS-95 said in a statement that its delegation also demanded the EPFO to provide full medical cover to EPS members and their spouses. Chairman of the committee Ashok Raut said that we had received an invitation from EPFO for the meeting. The objective of the meeting was to resolve the pending demands of the pensioners.
Mansukh Mandaviya had given assurances
He said that EPS-95 NAC members are currently protesting demanding a monthly pension of Rs 7,500 instead of the average monthly pension of just Rs 1,450. Raut said that the pensioners have been demanding a hike in the minimum pension for the last eight years but the government has not paid heed to their demands. Earlier in August, Labour and Employment Minister Mansukh Mandaviya, in a meeting with EPS-95 NAC representatives, assured that the government would take necessary steps to meet their demand. EPS-95 NAC represents about 78 lakh pensioners and 7.5 million employees working in industrial sectors spread across the country.
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