Govt. okayed Rs 1,000 minimum monthly pension under EPS-95

The Union Government approved the proposal to ensure Rs 1,000 minimum monthly pension under a scheme of retirement fund body EPFO. The government would provide an additional amount of around Rs 1,217 crore to ensure the minimum pension of Rs 1,000 starting 2014-15.

• The decision to provide the entitlement under Employees’ Pension Scheme-95, run by the Employees’ Provident Fund Organization, was taken by the Union Cabinet in its meeting held in New  Delhi.
• Benefit of this scheme: With immediate effect. approx 28 lakh pensioners including five lakh widows will get benefit. (There are 44 lakh pensioners). 

Note: Pensioners will get the benefit with effect from April 1, 2014.

Month: Current Affairs - March, 2014