Parliamentary Panel asks government to review employees pension scheme
A parliamentary panel has asked the government to assess the Employees Pension Scheme 1995 and consider a revision of the minimum monthly pension of Rs 1,000, saying the social security benefit is too meagre to fulfil even the basic needs.
Trade unions have been demanding for a very long time that minimum pension may be raised to Rs 3,000 a month. The Parliamentary Standing Committee on Labour in its 34th report tabled in Parliament on Wednesday said that it firmly believes that this (Rs 1,000) is way too meagre.
The committee recommended that government conduct an assessment of the pension scheme with particular reference to the right to sustenance of the pensioners, and based on the findings, consider a revision of the amount. The Employee Provident Fund Organisation had started providing minimum monthly pension of `1,000 under the Employees Pension Scheme 1995 from September 1, 2014.
The committee also suggested that government should take a policy decision to pay such workers whose employers have not contributed towards social security schemes run by the EPFO and Employees State Insurance Corporation from the fixed assets or deposits of crores still lying with the appropriate authorities.
The Economic Times, New Delhi, 15th March 2018