While
announcing that government is notifying the minimum pension under the
Employees' Pension Scheme-1995 (EPS-95), Finance Minister Arun Jaitley
also stated in his budget speech on Thursday that wage ceiling covering
organised sector workers under schemes run by EPFO has been raised to Rs
15,000 per month from existing Rs 6,500.
"Government is fully
committed to the social security and welfare of employees serving in the
organised sector. The Government is notifying minimum pension of Rs
1,000 per month to all subscriber members of EPS-95 scheme and has made
an initial provision of Rs 250 crore in the current financial year to
meet the expenditure," Jaitley said.
He said, "Further, increase
in mandatory wage ceiling of subscription to EPS-95 from Rs 6,500 to Rs
15,000 has been made and a provision of Rs 250 crore has been provided
in the current budget."
At present, workers whose basic wage at
the time of joining is up to Rs 6,500 per month, including basic pay and
dearness allowance, can be subscribers of the EPFO schemes.
According
to the EPFO's estimates, the raising of wage ceiling to Rs 15,000 per
month is expected to bring 50 lakh more workers under the ambit of
social security schemes run by it.
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