EPS pension fixed Rs 1,000 in perpetuity

The labour ministry has amended the Employees’ Pension Scheme 1995 to provide the entitlement of minimum monthly pension of Rs 1,000 in perpetuity to its over 50 lakh pensioners.

“Earlier, the provision of providing entitlement of minimum monthly pension of Rs 1,000 under the EPS-95 beyond March 31, 2015 was made through administrative orders. Now a notification has been issued by Labour Ministry on June 16 to formally amend the scheme,” a senior official said. EPFO had started providing this entitlement under the scheme from September 1, 2014.

“When the first notification was issued to provide pension, it was for 2014-15. Thus, the benefit was available till March 31, 2015. Thereafter, EPFO continued it through administrative orders,” the official said.

On April 29, 2015, the Cabinet gave its appro-val for continuation of Rs 1,000 pension beyond FY2015 on perpetual basis.