Employees' Pension Scheme, 1995 gets Rs. 2,250 crore

The Union government has released a sum of Rs. 2,000 crore to Employees' Pension Scheme, 1995 as its contribution for the year 2015-16. Shri Bandaru Dattatreya, Union Minister of State for Labour & Employment (Independent Charge) said this in a statement. This contribution is in addition to Rs. 250 crore contributed by the Central Government as grant-in-aid in the Employees' Pension Scheme, 1995 for providing minimum pension of Rs. 1,000/- to the pensioners of Employees' Pension Scheme, 1995, the Minister further said. Since September, 2014, EPS pensioners have been assured of a guaranteed minimum pension of Rs. 1,000/- p.m. and it is necessary to infuse such additional amounts as grants-in-aid by the Central Government to sustain the continuance of the minimum pension of Rs. 1,000/- p.m.

Under the provisions of Employees' Pension Scheme, 1995, the contribution of Central Government is calculated @ 1.16% of the monthly wages of the members contributing to the Employees' Pension Scheme, 1995. This is in addition to the funding made available by the employers covered under the Act who contribute 8.33% of the monthly wages of the members to the scheme.

Powered by Capital Market - Live News