New Delhi:
The government today approved the proposal to ensure Rs 1,000 minimum monthly pension under a scheme of retirement fund body Employees' Provident Fund Organisation (EPFO) that would immediately benefit 28 lakh pensioners.
The decision to provide the entitlement under Employees' Pension Scheme-95 (EPS-95), run by the EPFO, was taken by the Union Cabinet in its meeting held in Delhi.
The move will immediately benefit about 28 lakh pensioners, including five lakh widows. There are 44 lakh pensioners.
Earlier this month the EPFO trustees had approved the proposal. The Central Board of Trustees (CBT), the apex decision-making body of EPFO had met on February 5, and decided to amend the EPS-95 scheme for the purpose.
The proposal was placed before the Union Cabinet for approval as the government had made funding provisions for it.
The government would have to provide an additional amount of around Rs 1,217 crore to ensure the minimum pension of Rs 1,000, starting 2014-15.
Pensioners will get the benefit with effect from April 1. The proposal has already been approved by the Finance Ministry.
The decision to provide the entitlement under Employees' Pension Scheme-95 (EPS-95), run by the EPFO, was taken by the Union Cabinet in its meeting held in Delhi.
The move will immediately benefit about 28 lakh pensioners, including five lakh widows. There are 44 lakh pensioners.
Earlier this month the EPFO trustees had approved the proposal. The Central Board of Trustees (CBT), the apex decision-making body of EPFO had met on February 5, and decided to amend the EPS-95 scheme for the purpose.
The proposal was placed before the Union Cabinet for approval as the government had made funding provisions for it.
The government would have to provide an additional amount of around Rs 1,217 crore to ensure the minimum pension of Rs 1,000, starting 2014-15.
Pensioners will get the benefit with effect from April 1. The proposal has already been approved by the Finance Ministry.
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