Demand of Increase in EPF Pension to Rs.1000 is under consideration of the Government

08-May-2013 18:26 IST

DA to EPF Pensioners 

As per the
statistics available upto  31.03.2012, the number of pensioners
receiving pension less than Rs. 500/- p.m. is  around 12 lakh and
those receiving more than Rs. 500  and less than Rs.1000/- is around
16.05 lakh.

A number of
representations have been received against meager pension and
demanding increase in the pension. In order to address this issue, the
Government of India constituted an Expert Committee for reviewing the
Employees’ Pension Scheme, 1995 on 12.06.2009.  The recommendation of
the Expert Committee was considered by Pension Implementation Committee (PIC),
a sub-Committee of Central Board of Trustees (CBT), Employees’ Provident Fund
(EPF), which inter-alia recommended that a minimum monthly pension under
Employees’ Pension Scheme, 1995 be increased to Rs. 1000/- per month as an
interim measure. The recommendation of the PIC was considered by CBT, EPF.
However, the discussion remained inconclusive. A proposal for providing minimum
pension of Rs. 1000/- under EPS, 1995 is under consideration of the Government.

             

  Central
Government appoints Valuer under Para 32 of the Employees’ Pension
Scheme, 1995 for annual valuation of Employees’ Pension Fund. Depending on the
valuation report, the Central Government declared additional relief whenever
Pension Fund permitted to do so. From 5th valuation of
Employees’ Pension Fund as on 31.3.2001, the fund is showing continuous
deficit, therefore, pension could not be revised by the Central Government.

                               

However,
the following categories of pension were increased w.e.f. 29.01.2000 in
the following manner:

On the basis of the annual valuations carried out by the valuer appointed
by the Central Government, the Central Government grants relief to pensioners,
if the Employees’ Pension Fund shows surplus. The first four valuations showed
surplus and accordingly relief of 4%, 5.5%, 4% & 4% was granted during 1996
to 2000. However, no relief has been declared by the Central Government after
31.03.2000 as the fund is showing continuous deficit thereafter.

This
information was given by Minister of State for Labour & Employment Shri  Kodikunnil Suresh
in the Rajya  Sabha today in reply to a written question.

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