EPFO New Pension Plans Employees’ Provident Fund Organization (EPFO) is a new scheme for the workers of organized sector getting basic salary of more than Rs 15 thousand per month and not compulsorily covered under Employees’ Pension Scheme-1995 (EPS-95). Is considering to bring a pension scheme (New Pension Plans). At present, those employees of the organized sector whose basic salary (basic pay and dearness allowance) is up to fifteen thousand rupees are compulsorily covered under EPS-95.
Demand for more pension on more participation!
In the report of news agency PTI, sources have been told that there has been a demand for more pension on more participation among the members of Employees’ Provident Fund Organization (EPFO). Thus, it is being considered to bring a new pension product or scheme for those people whose monthly basic salary is more than 15 thousand rupees. This pension product can also be discussed in the meeting of the Central Board of Trustees (CBT) to be held in Guwahati on March 11 and 12. During this, the sub-committee constituted by the CBT will also submit its report, which was formed in November 2021 for pension related issues.
50 lakh more workers of organized sector may come under EPS-95
The EPFO had amended the scheme in 2014 to limit the monthly pensionable basic pay to Rs 15,000. The limit of Rs 15,000 is applicable only at the time of joining the service. It was revised upwards from Rs 6,500 with effect from September 1, 2014, due to wage revision and price hike in the organized sector. Later there was a demand to increase the monthly basic salary limit to Rs 25,000 and it was discussed, but the proposal could not be approved. According to industry estimates, 50 lakh more workers in the organized sector could come under the ambit of EPS-95 by raising the pensionable salary.
Know what former Labor Minister Bandaru Dattatreya said in the written reply in Lok Sabha.
In December 2016, the former Labor Minister Bandaru Dattatreya had said in a written reply in the Lok Sabha that the Employees’ Provident Fund Organization proposed to increase the salary limit for coverage under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 from 15,000 per month to 25 thousand per month. was placed, but no decision has been taken in this regard. Earlier, EPFO said in a circular on January 13 that the pension amount should be deposited in the accounts of EPS-95 pensioners within the last working day of every month.