Wednesday, April 29, 2015

Cabinet approved minimum Rs 1000 pension under Employees’ Pension Scheme, 1995

Minimum pension of Rs. 1,000/- per month in perpetuity to Pensioners of Employees’ Pension Scheme, 1995 
 The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for continuation of the minimum pension of Rs. 1,000/- per month to the pensioners of Employees’ Pension Scheme, 1995 (EPS) beyond the financial year 2014-15 on perpetual basis. 
Currently, it is effective only upto March, 2015.  The Cabinet also approved corresponding grant of continuous annual budgetary support for implementing the minimum pension which will be to the tune of Rs. 850 crore per year on a tapering basis.

Providing a minimum pension of Rs. 1000/- per month is an effort to provide meaningful subsistence to pensioners who have served in the organized sector.  The present proposal is likely to benefit approximately 20 lakh pensioners under EPS, 1995.

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