EPFO board to meet on 19 November, proposal to raise minimum pension under EPS likely to be on agenda—Here's all we know
The Employees Provident Fund Organisation's Central Board of Trustees may discuss the minimum monthly pension under its Employees' Pension Scheme (EPS) at its next meeting in Gujarat on 19 November, Business Standard reported.
The retirement fund body's CBT is expected to hold its 240th meeting in Gir on 19 November, Thursday, where issue of raising minimum monthly pension under EPS is likely to be on the agenda, it cited two sources saying. This has been a long pending demand by pensioners and trade unions, it added.
Livemint could not independently verify the report.
The Business Standard report added that the EPFO and Union Ministry of Labour and Employment did not respond to request for comment till time of publication.
The report said that the Union Labour Ministry had last week in a letter announced the date and place of the next CBT meeting, but the full agenda is yet to be finalised, citing the sources.
It added that the meeting on 19 November being held in Gujarat, will be the first time in a few years that the CBT does not meet at the EPFO headquarters in East Kidwai Nagar in the national capital. The past five meetings were held in New Delhi with the last “outside” meet held in Guwahati in March 2022, it reported.
- As per the report, discussion is likely over hike in minimum monthly pension under the EPS, two sources stated.
- Since September 2014, the Centre has set minimum pension at ₹1,000/month but trade unions and pensioners groups have argued that this is not enough to keep up with cost of living and inflation.
- They are seeking a revision, raising the monthly minimum pension to ₹7,500/month, along with including of dearness allowance (DA), it added.
- So far, the Centre has said hiking pension would not be financially sustainable, and it would examine demands subject to provision available. Notably, every budget provides allocation for the ₹1,000/month pension in addition to the Centre's contribution towards EPS.
- The proposal seems to be likely to be discussed next month as the government in September hiked the wage ceiling for mandatory EPFO coverage from ₹15,000 to ₹25,000 per month.
- In February, Union Labour Minister Mansukh Mandaviya said the Centre would make a decision on wage ceilings under the EPFO and the Employees’ State Insurance Corporation (ESIC), and EPS minimum pension hike, it added.
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