Minimum Pension to Workers Covered by EPFO
The recommendations of the Pension Implementation Committee (PIC) of the Employees’ Provident Fund Organisation to increase the minimum pension amount to Rs. 1000 per month is to be placed before Central Board of Trustees, Employees Provident Fund {(CBT(EPF)} in its ensuing meeting for its consideration.
The decision to increase minimum pension to Rs. 1000 per month as per actuarial valuation would require 0.63 per cent increase in the contribution in addition to the existing rate of employers contribution of 8.33 per cent. Any follow-up action would arise only after consideration by CBT (EPF).
The Union Labour & Employment Minister Shri Mallikarjun Kharge gave this information in a written reply in Rajya Sabha today.
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Good Proposal, since working class, especially in unorganized sector are getting very less salary and struggling to lead minimum requirements of day to day life.