Pension Of Rs 1000 is Not Enough For EPFO ​​Subscribers: Parliament’s Committee

A pension of Rs 1,000 is not enough for the subscribers of Employees’ Provident Fund Organization (EPFO). It needs to be increased. A committee of Parliament on Tuesday said that giving Rs 1,000 as minimum monthly pension to subscribers under EPFO’s pension scheme is too low. In such a situation, it is necessary that the Ministry of Labor takes forward the proposal to increase the pension amount.

Parliament’s Standing Committee on Labor in its report tabled in Parliament on Demands for Grants 2022-23 said that the monthly pension of Rs 1,000 fixed eight years ago is now too low. There are many reasons for this. Inflation has increased continuously in eight years, according to which the monthly pension should also increase. Earlier, the committee in its report had also recommended that the minimum monthly pension for members/ widow/ widow pensioners be increased to Rs. 2,000. Necessary annual budgetary provision should be made for this. However, the finance ministry had not agreed to increase the minimum monthly pension from Rs 1,000.