EPFO suspended 1000 rupees minimum monthly pension scheme [ Current Affairs ]
Employees’ Provident Fund Organisation (EPFO) is retirement fund body but it suspended the 1000 rupees minimum monthly pension scheme from April 2015. The end of the minimum monthly pension provided under Employee Pension Scheme (EPS)-95 will suffer from 32 lakh pensioners by Union Government to continue this scheme beyond 31 March 2015.
- The payment pension from the month of April 2015 will be released at earlier rates that means without minimum pension provision.
- The benefit of the scheme was made effective from 1 September 2014 to 31 March 2015 which issued the notification on 19 August 2014 to hike the pension amount to flat 1000 rupees per month for those who were getting less than 1000 rupees per month as pension.
- Employee Pension Scheme (EPS)-95 came into effect on 16 November 1995 and the scheme was launched under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
- The Scheme applies to the employees of all factories and other establishments to which the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 applies.
- The scheme also provides for minimum pension on disablement and also provides for past service benefit to participants of erstwhile Family Pension Scheme in 1971.
- Published on: April 13, 2015