pension scheme: Raising minimum monthly pension under Employees’ Pension Scheme of EPFO not financially viable: Govt

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The authorities on Wednesday stated elevating the minimum monthly pension under the Employees’ Pension Scheme, 1995 of the Employees’ Provident Fund Organisation will compromise the monetary viability of the scheme whereas placing a further burden on the exchequer.

“It is not possible to increase the minimum monthly pension amount without compromising the financial viability of the scheme and additional budgetary support,” labour minister Santosh Kumar Gangwar stated in response to a query in Rajya Sabha.

The authorities had launched a minimum monthly pension of Rs 1000 under the Employees’ Pension Scheme (EPS), 1995 from September 1, 2014 regardless of no provisions within the scheme following widespread demand from the subscribers.

According to minister Gangwar, the Employees’ Pension Scheme (EPS), 1995 has been designed on the rules of a “defined contribution-defined benefit” social insurance coverage scheme and adopts “actuarial principles” for guaranteeing long run monetary viability.

“As such, there is no provision in the scheme for budgetary support,” he stated.

“However, the government is already providing budgetary support for providing a minimum pension of Rs 1000,” he stated, admitting {that a} high-level committee arrange for the aim had beneficial elevating the minimum pension with some proviso.

Social Security Fund

Labour minister Gangwar stated as per part 141 of the Code on Social Security, 2020, the central authorities shall set up a Social Security Fund for social safety and welfare of the unorganised staff, gig staff and platform staff.

According to the minister, the Code on Social Security, 2020 envisages a contribution between 1% and a pair of% of annual turnover of an aggregator topic to most 5% of the quantity paid or payable by an aggregator to gig and platform staff. “This shall be credited to the Social Security Fund,” he added.

Migrant staff

Talking in regards to the date on migrant staff who moved again to their native locations in the course of the Covid-induced lockdown, minister Gangwar knowledgeable Rajya Sabha a complete of 11.4 million inter-state migrant staff returned to their residence states throughout Covid-19 lockdown.

“However, most of them have gone back to their original or other workplaces and engaged themselves in productive employment,” he stated.

According to the minister, the Code on Occupational Safety Health and Working Conditions (OSH & WC) supplies for respectable working circumstances, minimum wages, grievances redressal mechanisms, toll free helpline, safety from abuse and exploitation and social safety to all class of organised and unorganised staff together with migrant staff.

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