Review of Employees Pension Scheme, 1995

Review of Employees Pension Scheme, 1995

GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
RAJYA SABHA

UNSTARRED QUESTION NO. 1049
TO BE ANSWERED ON 15.12.2022

REVIEW OF EMPLOYEES’ PENSION SCHEME

1049. SHRI MASTHAN RAO BEEDA:

Will the Minister of Labour and Employment be pleased to state:

(a) whether it is a fact that Government constituted a highempowered monitoring committee in 2018 for evaluation and review of the Employees’ Pension Scheme (EPS);

(b)whether Government has implemented the recommendations made by the committee;

(c)if so, the details thereof and if not, the reasons therefor;

(d)whether Government has undertaken any other reforms with respect to the functioning of EPS; and

(e)if so, the details thereof and if not, the reasons therefor?

ANSWER

MINISTER OF STATE FOR LABOUR AND EMPLOYMENT (SHRI RAMESWAR TELI)

(a) to (c): Yes, Sir. As per recommendations made by High Empowered Monitoring Committee constituted by the Government for complete evaluation and review of Employees’ Pension Scheme, 1995, the Government vide Notification G.S.R. No. 132(E) dated 20.02.2020 has implemented a recommendation regarding restoration to normal pension after completion of fifteen years from the date of such commutation, in respect of those members who availed the benefit of commutation of pension under the erstwhile paragraph 12A of this Scheme, on or before the 25th day of September, 2008. However, no decision has been taken to increase the minimum pension under EPS, 1995 from Rs.1,000/- to Rs.2,000/- per month, as recommended by the High Empowered Monitoring Committee.

(d) & (e): Review and revision of schemes is an ongoing process. Section 15 of the Code on Social Security, 2020 notified on 29.09.2020, which subsumes 9 Central labour laws, including the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 envisages to frame various schemes including pension for the employees and their family members. However, the said Code has not yet to come into force.

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