BUDGETARY SUPPORT FOR PENSIONS
Will minimum EPS-95 pension be hiked this festive season? Govt responds in Parliament
Indian pensioners are eagerly awaiting a potential increase to the minimum monthly pension under the Employees' Pension Scheme (EPS-95). Currently at Rs. 1,000, trade unions and public representatives have long advocated for a raise. While the government acknowledges these requests and provides budgetary support to maintain the existing minimum, it cites an actuarial deficit in the fund.
Will government increase minimum EPS pension amount of Rs 1,000 for pensioners? Here’s what govt says
In Lok Sabha, Member of Parliament Asaduddin Owaisi inquired whether the government had received any representations from pensioners under the Employees' Pension Scheme (EPS), 1995, requesting an increase in the minimum pension amount; and whether the government had any proposals to increase pension under the EPS, 1995, among other questions.
Over 17.4 lakh opted for higher pension on higher contribution under EPS-95, Parliament told
Over 1.7 million Employees' Provident Fund Organisation (EPFO) members have applied to base their pension contributions on their full salary, following a Supreme Court ruling. The court allowed existing employees to opt for a higher pension under the Employees' Pension Scheme (EPS), 1995.
With operating ratio of 107.39 per cent, Railways could not generate surplus in 2021-22: CAG
The CAG said that the entire profit of Rs 36,196 crore from freight traffic was utilized to cross subsidize/compensate the loss on operation of passenger and other coaching services. The loss of Rs 32,073 crore from passenger operations was left uncovered during 2021-22, it said.
EPFO received highest ever total contribution of over Rs 64,800 cr during 2022-23: Labour Ministry
The Employees’ Provident Fund Organisation received a total contribution of Rs 64885.60 crore during 2022-23, the highest ever under its Employees’ Pension Scheme, shows the labour ministry’s response to a question in Rajya Sabha on Thursday. This has taken the EPS total corpus to Rs 7,80,308.93 crore in the last fiscal year compared to the total corpus of Rs 6,89,210.20 crore in the preceding financial year. This also includes the interest earned on the investments made by the EPFO from the EPS contribution.
Himachal Cabinet to meet on Friday, decision likely on restoration of Old Pension Scheme
"Pension provides self respect as parents are not dependent on their children. My mother is not dependent on her children as my father's pension takes care of her needs.
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Decline in EPS contributions triggers viability concerns
The audited annual accounts for FY21 show contributions to the scheme's pension fund dropped 2.7% to ₹50,562 crore from ₹51,953 crore in FY20.
Rs 1,000 minimum monthly pension for EPFO members inadequate, says Par panel
The panel said it becomes imperative on the part of the Ministry of Labour and Employment to pursue the matter with the Ministry of Finance for obtaining adequate budgetary support as recommended by the High-Empowered Monitoring Committee, besides impressing upon the EPFO (Employees' Provident Fund Organisation) to make an actuarial assessment of all its pension schemes so that the monthly member pension is enhanced to a reasonable extent.
Minimum pension under EPS must be enhanced: Standing committee on labour
The committee has also suggested that the Employees Provident Fund Organisation (EPFO) take up an actuarial assessment of all its pension schemes so that the monthly member pension is enhanced to a reasonable extent.
Hike in minimum monthly pension under EPS-95 scheme not possible without budgetary support
As per the provisions of this scheme, the pensioners are given pension from the pooled account in which 8.33 per cent of the employee's pay (statutory limit is Rs 15,000 per month) is contributed by the employer and 1.16 per cent of the employee's pay (up to Rs 15,000) is contributed by the central government.
Raising minimum monthly pension under Employees’ Pension Scheme of EPFO not financially viable: Govt
“It is not possible to increase the minimum monthly pension amount without compromising the financial viability of the scheme and additional budgetary support,” labour minister Santosh Kumar Gangwar said in response to a question in Rajya Sabha.
Increase in capital outlay of Defence amid pandemic is huge step, says IAF Chief
The money has been used to acquire equipment like the Spice-2000 bombs, Spike anti-tank guided missiles, SiG Sauer assault rifles, Excalibur ammunition, multiple types of aircraft spares from Russia along with the ammunition for tanks and fighter jets.
EPFO approves changes in Employees' Pension Scheme to restore commutation of pension
The move would benefit the pensioners who had opted for commutation and got a lump-sum amount at the time of retirement before 2009.
Steel Minister announces pension scheme for CPSEs, to benefit about 1.5 lakh employees
The pension scheme is estimated to cost additional financial burden of Rs 540 crore.
New national scheme can boost health cover penetration to 50%
The new scheme, announced in the Budget 2018, will subsume the ongoing centrally-sponsored schemes such as the Rashtriya Swasthya Bima Yojana and the Senior Citizen Health Insurance Scheme.
Railways to maintain distinct identity: Suresh Prabhu
Prabhu said that it was decided for merger of the rail budget with general budget but distinct identity of the railways will be maintained.
Government amends EPS-95 to provide Rs 1,000 minimum monthly pension
Employees' Provident Fund Organisation (EPFO) had started providing this entitlement under the scheme from September 1, 2014.
India to clock 7.4% GDP growth this fiscal: StanChart
The recovery in rural consumption due to better monsoons is likely to support the consumption momentum generated by higher pay for public-sector employees.
RBI suggests delinking social banking from commercial business
Reserve Bank of India suggested that working of public sector banks should be delinked from social banking to make them efficient and allow work on commercial principles.
Government approves Rs 1,000 minimum monthly pension in perpetuity
The scheme had expired on March 31, 2015 after which EPFO had restored to the earlier provision that had led to widespread protests from trade unions.
India spends mere 0.032 per cent of GDP on senior citizens: Study
As per the 'State of India's Elderly-2014' report by HelpAge India, the country has 100 million elderly and by 2050 the figure is likely to triple to 324 million.
Rajasthan hikes MBBS, BDS internship allowances
The Rajasthan government tonight approved a proposal to hike internship allowance of MBBS and BDS students from Rs 3,500 to Rs 4,500 month.
Government to bring reforms in its pension scheme for the deprived
The revised scheme which is expected to cost Rs 1,31,626 crore will have an exclusion criteria and the assistance extended to beneficiaries would be indexed to annual inflation.
Govt approves Rs 122 cr for clearing dues of 9 CPSEs
The govt today approved a non-plan budgetary support of Rs 122.65 crore for clearing of statutory dues including salary and wages of nine sick CPSEs.
Railway employees to march to Parliament tomorrow
Seeking adequate budgetary support and filling up vacant posts in railways, its employees will march to Parliament tomorrow to press their various demands.
Planning commission pushes for cuts in non-plan spends
The commission says the government should aim to reduce its non-Plan expenditure to 7.2% of GDP from the current 10.3%.
Cabinet approves Rs 70 cr for PSU employees' statutory dues
According to the government, it was considered essential that the interim financial support from the government be provided so that the operations of the companies will not be affected. "
For shared e-accounts
The new pension system to introduce competition and bring down cost.
Railway Budget 2009-10: Investment routes may not fare well
The government's decision to brave rising expenses to keep passenger fares and freight rates may derail Indian Railways' plans of internal generation for investment.
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