Trade Unions Demand Increase in Minimum EPFO Pension to Rs 5,000
In a significant move, trade unions have called for a fivefold increase in the minimum EPFO pension, urging that it be raised to Rs 5,000 per month. This demand was presented during a pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday, where union leaders outlined several key proposals for the upcoming 2025-26 Budget.
The unions advocated for the immediate formation of the 8th Pay Commission and proposed higher taxes on the wealthy to create a more equitable fiscal environment. Specifically, they requested an increase in the income tax exemption limit to Rs 10 lakh per annum, which they believe would benefit a wider range of citizens.
Additionally, the unions are pushing for the introduction of a social security scheme tailored for gig workers, recognizing their growing presence in the labor market. They also called for the restoration of the old pension scheme for government employees, emphasizing the need for reliable financial security after retirement.
TUCC national general secretary S.P. Tiwari, speaking to reporters after the meeting, stressed the importance of halting the privatization and corporatization of Public Sector Undertakings (PSUs). Tiwari proposed an additional 2% tax on the super-rich as a means to fund social security initiatives aimed at informal workers, a demographic that often lacks adequate protections and benefits.
Furthermore, Tiwari highlighted the necessity of extending social security to agricultural workers and advocated for the establishment of minimum wage standards to ensure fair compensation for their labor.
As the government prepares for the upcoming budget, these demands reflect the growing concern among trade unions regarding workers’ rights and the need for comprehensive social security measures across various employment sectors.