Govt releases Rs 2,250 crore for Employees' Pension Scheme, 1995
Updated: Sep 02, 2015 11:38:21am
New Delhi, Sept 2 (KNN) The Union government has released a sum of Rs 2,000 crore to Employees’ Pension Scheme, 1995 as its contribution for the year 2015-16.
Bandaru Dattatreya, Union Minister of State for Labour & Employment (Independent Charge) said this in a statement issued here last evening.
“This contribution is in addition to Rs 250 crore contributed by the Central Government as grant-in-aid in the Employees’ Pension Scheme, 1995 for providing minimum pension of Rs 1,000 to the pensioners of Employees’ Pension Scheme, 1995,” the Minister further said.
Since September, 2014, EPS pensioners have been assured of a guaranteed minimum pension of Rs 1,000 per month and it is necessary to infuse such additional amounts as grants-in-aid by the Central Government to sustain the continuance of the minimum pension of Rs 1,000 per month.
Under the provisions of Employees’ Pension Scheme, 1995, the contribution of Central Government is calculated @ 1.16 per cent of the monthly wages of the members contributing to the Employees’ Pension Scheme, 1995. This is in addition to the funding made available by the employers covered under the Act who contribute 8.33 per cent of the monthly wages of the members to the Scheme. (KNN Bureau)
Bandaru Dattatreya, Union Minister of State for Labour & Employment (Independent Charge) said this in a statement issued here last evening.
“This contribution is in addition to Rs 250 crore contributed by the Central Government as grant-in-aid in the Employees’ Pension Scheme, 1995 for providing minimum pension of Rs 1,000 to the pensioners of Employees’ Pension Scheme, 1995,” the Minister further said.
Since September, 2014, EPS pensioners have been assured of a guaranteed minimum pension of Rs 1,000 per month and it is necessary to infuse such additional amounts as grants-in-aid by the Central Government to sustain the continuance of the minimum pension of Rs 1,000 per month.
Under the provisions of Employees’ Pension Scheme, 1995, the contribution of Central Government is calculated @ 1.16 per cent of the monthly wages of the members contributing to the Employees’ Pension Scheme, 1995. This is in addition to the funding made available by the employers covered under the Act who contribute 8.33 per cent of the monthly wages of the members to the Scheme. (KNN Bureau)
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