Good News For 60 Lakh Pensioners, Government May Give Double Pension Gift Before Diwali

Organized sector companies coming under the ambit of EPFO ​​have to provide benefits of EPF (Employee Provident Fund) to their employees. The contribution from both the employer and the employee in EPF is 12-12% of the employee’s basic salary + DA. Of the company’s 12 percent contribution, 8.33 percent of the Employee Pension Scheme goes to EPS.

According to information received by sources from CNBC Awaaz, EPFO ​​can get pensioners an increased pension gift on Diwali. According to sources, the Finance Ministry has agreed to the proposal of the Ministry of Labor to increase the minimum pension. The announcement of doubling the minimum pension may be done soon due to the proposal of the Ministry of Labor.

Pension can be doubled: According to sources, the minimum pension can increase from Rs 1000 to Rs 2,000. This was approved by the Central Board of Trustees (CBT-Central Board of Trustees) in 2019. Now there is a demand to increase the minimum pension of CBT to Rs 2,000-3,000. The government will incur a burden of 2000-2500 crores on doubling the pension. About 60 lakh pensioners will benefit from this increase.

Let us tell you that the employees working in the organized sector of the private sector can also get the benefit of monthly pension after retirement, for this, the Employee Pension Scheme, 1995 (EPS) was introduced. Under the EPF Scheme, 1952, 8.33 percent of the 12 per cent of the employee’s contribution to EPF by the employer goes to EPS. After the age of 58, the employee can get the benefit of monthly pension with EPS money.

How much money can one withdraw from EPS account?: The earlier the 10 years, the less the years of service, the less amount you will be able to withdraw. Saraswati Kasturirangan, partner at Deloitte India, says that the lump sum withdrawal from the EPS scheme is allowed only if the years of service are less than 10 years. The amount refunded to you will be based on Table D given in the EPS Scheme 1995.

What happens if you withdraw money from EPAF account on leaving the job? Under the EPF scheme, the member has the option of withdrawing the entire amount and closing the account upon leaving the job. On closing the account (being unemployed for more than 2 months), one time the entire amount can be withdrawn from the EPF and EPF account (the condition is that the years of service are less than 10 years).

(With inputs from news18.com)

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22 Comments
  1. V. Sivaramakrishnan says

    5000, 7000 are all false? With this 2000 what an EPS 95 pensioners do, very big painful news.

  2. SYAMAL CHAKRABORTY says

    How long this Tamasa will go on. Sr citizen should be given a little respect from the Government

    1. KOTAIAH THAMMISHETTI says

      I fully agree pensioners are fooled by false propaganda since long.Enough is enough.Politcians think they are of a superior class and others are not fit for decent life.

  3. S S Patil says

    This is only a promotional news.
    What is the purchasing the strength of two thousand. rupees. Earlier employed killed the employees. Now the government is driving to suicide by paltry sum

  4. RAFIQ SAYED says

    It is good news that all pensioners pension will be doubled. Under pension scheme 1995 . Only 2000 p.m was for private sector. As per todays economy one need minimum 8000p.m. government should look in to it.

  5. Sreedhara Rao says

    Sir
    Please don’t spread false information in the name of govt please

  6. P. Gnanaskandan says

    I. Am retired 2017 janvery curently
    2831 rs monthly pension. How much increes my pension. When areare
    Before dipavali pl tel

  7. MAYA says

    2000 .3000 Rs pension gets all gov scheme of old age pension.EPF pension we get from our own fund.Why less ?Should give 7500 +DA due to current inflation.

  8. Raju M M says

    Many State govt’s have supported the poor in their jurisdiction by giving them pension of Rs 1000 to 3000 p.m. This altruistic approach has a humane touch towards these poor humans; let us also concurrently note that a large section of these poor had little education, scant or no skills in their lifetime till this pension lifted them out of mire. All this is fine and appreciable between the poor and the elected Reps…. Next let us take a pause and breath and see the section of people among us, who got literate, developed skills and worked in offices, admin, manufacturing, services sectors in public and private sectors and had a run of assured daily bread, could get a shelter and could save some for twilight years during the three decades of work. It is this multitude who worked to build the country, make it noticed by the developed world for the reasonable quality and productivity they left in the lap of these businesses they were in. And these many lakhs of people have to contend with pension in the range of Rs 1000 to 3000 ??? And they are being treated on par with the poor chaperoned already by the State govt’s ?????? And the recommendation to increase the pension to Rs 5000 to 7000 by Min. Of Labor & Employment is getting watered down to Rs 2000???? Can there be a worse way of handling these productive and humble oldies !!!!!!

  9. Chinmoy Chakrabartia says

    A monthly pension of Rs 7,500/= plus Medical Benifits Plus DA will be highly appreciated at the Senior Citizens age.

  10. Asha Krishnan says

    At the least 3000 needed for one individual to meet his needs

  11. Yashoda T N says

    What about employees retired under VRS opted at the age of 50 and completed more than
    20 years service are not getting minimum pension of 1000 rupees

  12. ஜி.வரதராஜன் says

    இன்றைய விலை வாசி உயர்வில் வரும் குறைந்த பட்ச பென்சன் தொகையில் வாடகையே மூக்கால் பாகம் விழுங்கி விடும்போது மற்ற செலவினங்களுக்கு என்ன செய்வது. வங்கியில் பி எப் பணம் டெபாசிட் செய்திருந்தாலும் கிடைக்கும் வட்டி சொற்பமே.ருபாய் 7500 உயர்த்தி கொடுத்தால்தான் பல குடும்பங்கள் கடனின்றி அரை வயிறாவது சாப்பிட முடியும்.

  13. Raju M M says

    These 60 lakh pensioners are being equated to poor people under several State govt pension schemes wherein the illiterate and unskilled are covered with Rs 1000 to 3000 pension. After three decades of service to the nation the 60 lakh lot deserve better minimum pension and MOLE wisely proposed minimum pension around Rs 5000 to 7000 for approval and sanction by GOI. I simply hope this Diwali gift of Rs 2000 is sensibly corrected to the proposed 5000-7000.

  14. V.S.Walia says

    Big insult to the EPS pensioners

  15. Gopal Chandra Chowdhury says

    This is good news for 95 pensioners but sorry to say-will it very helpful for a spouse where market rate so very high. Pl. think our departmental head, honorable ministers and honorable leaders of total political parties.

  16. AMBIKADEVI says

    Kindly Increase.the Minimum pension at least Rs.5000+ DA and medical benefit.Poor Senior citizens are waiting for the Hike after 25 – 30 years of service.Telling the truth Senior.EPF.oensioners are.struggling in.their old age

  17. Sujit K Ganguly says

    Let us get at least a rise from ₹1000/ to ₹2000/ as Minimum Pension.. We have no CHOICE.. whatever Govt approves it’s accepted but pl don’t linger it for a long period.. with any false promises..

  18. Sujit K Ganguly says

    This fight wth theGovt is going on & on for long.. Atleast from ₹1000 to ₹3000 rise as min Pension what retired people can expect a bare minimum..We can only humbly request this Govt .. We have lot of Trust in our PM Mr Modi

  19. m.manoharan says

    please take action as quick as right

  20. Balvinder Singh says

    When Eps 95 minimum pension will be increased from rs.1000 to 2000 with arrear and DA??

  21. rsr anjaneyulu says

    epf pension case go on telling tale stores, not yet done, no da added, no revios done as per 1995 epf pension case.
    go on making public fool. no words only action, more than corona 2 lakhs died due to less food.
    sumoto case , public interest litigation case, wormen compensation act, as per labour welfare act. cases will book on epf officials.

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