The demand for minimum pension scheme through EPS 95 pension scheme has been increasing for some time, which is yet to be decided, but the decision of EPFO can give a big relief to lakhs of subscribers of EPS 95 pension scheme.
The EPFO has unclaimed deposits of Rs 58,000 crore and some of it will be taken up in the EPFO board meeting on Saturday for transfer to the EPS 95 pension scheme.
Its purpose is to transfer some part of the unclaimed amount to the EPS 95 pension plan holders and give more pension. 8.33% of the salary goes to EPS-95 pension i.e. the maximum amount that can be deposited is Rs 1250 per month. According to EPFO, there are 68 lakh such members.
As per the government’s 2015 guidelines, unclaimed deposits can be transferred to the Senior Citizens Welfare Fund. But in 2015 and 2017 there was a protest in the EPFO board regarding the transfer to the Senior Citizen Welfare Fund.
In such a situation it was not possible, but this time there has been an agreement to give more to the members of the board. Pension to EPS 95 pensioners without claiming the amount.
A decision on the transfer amount will be taken in the board meeting to be held on Saturday. The contribution to the EPS 95 account is 8.33% of the salary. However, at present the pensionable salary is considered to be only Rs.15 thousand.
With this, the share of this pension becomes maximum 1250 per month. Under this, a minimum pension of Rs 1000 and a maximum of Rs 7,500 is given.
It has also been proposed to increase the limit to Rs 15,000 in the board meeting. If the limit is raised, the share of minimum pension will also increase.
