EPS 95 PENSION HIKE NEWS FROM LOK SABHA

GOVERNMENT OF INDIA

MINISTRY OF LABOUR AND EMPLOYMENT

LOK SABHA

UNSTARRED QUESTION NO:1157

ANSWERED ON: 25.11.2019

Hike in Pension

Jaisiddeshwar Shivacharya Mahaswamiji
Will the Minister of
LABOUR AND EMPLOYMENT    be pleased to state:-

• (a)whether there is any proposal under consideration of the Government with regard to hike in pension of employees from organised and unorganised sectors in Solapur;
• (b)if so, the details thereof;
• (c)if not, whether it is necessary for the Government to increase the pension of employees keeping in view its meagre amount; and
• (d)whether the Ministry proposes to consider any proposal in this regard?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT

(SHRI SANTOSH KUMAR GANGWAR)

(a) to (d): Government of India in February, 2019 launched Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), a voluntary and contributory pension Scheme, for the benefit of unorganised workers, as per eligibility. The scheme assures minimum monthly pension of Rs. 3000 to the beneficiaries after attaining the age of 60 years. All unorganised workers, in the age group of 18-40 years, whose monthly income is upto Rs. 15,000 and who are not members of Employees’ Provident Fund Organisation or Employees’ State Insurance Corporation or National Pension System (Government contributed) and are also not income tax payers, are eligible to enroll under the Scheme. The subscriber is required to pay the prescribed monthly contribution amount and the Central Government provides the equal matching contribution. This Scheme is implemented through Life Insurance Corporation of India. Enrollment under the Scheme can be done through any of the Common Service Centres across the country.

Further, vide notification No. G.S.R. 593 (E) dated 19.08.2014, a minimum pension of Rs. 1000 per month has been fixed with effect from 01.09.2014 for the pensioners under Employees'' Pension Scheme (EPS), 1995 framed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, applicable to establishments which belong to industries and classes of establishments listed in Schedule-I and where number of employees is 20 or more. No decision has been taken at present to further enhance the minimum pension under EPS, 1995.

Further, Atal Pension Yojana (APY) was launched in May, 2015, by the Government of India, and Indian Citizens between the age group of 18 to 40 years are eligible to join APY through their savings bank account or post office savings bank account. Depending upon the pension plan selected, each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000/- per month or Rs. 2000/- per month or Rs. 3000/- per month or Rs. 4000/- per month or Rs. 5000/- per month, after the age of 60 years until his/her death.