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Pension Hike Big News: Finance Ministry Issued A Statement Regarding Proposal To Increase Pension, Now It Will Happen

Pension Hike Big News: Finance Ministry Issued A Statement Regarding Proposal To Increase Pension, Now It Will Happen

 

 

 

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EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees’ Provident Funds Act, 1952.

Actually, there has been a demand to increase the pension of PF subscribers for a long time. But According to the statement issued by the Finance Ministry has rejected the Labor Ministry’s proposal in this regard.

The panel has now decided to call top officials from the finance ministry to seek explanation behind the move. The labour ministry has constituted a High-Empowered Monitoring Committee for complete evaluation and review of the Employees Pension Scheme (EPS), 1995.

Proposal to increase the pension from Rs 1000 per month The proposal to increase
the existing pension of PF subscribers from the existing Rs 1,000 per month was given by the Ministry of Labor.

Top officials of the Ministry of Labor and EPFO ​​informed the Parliamentary Standing Committee on Labor, headed by BJD MP Bhartrihari Mahtab, about the operation of the EPF Pension Scheme and the management of its funds. Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension.

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Proposal to increase pension from Rs 1000 a month

The proposal to increase the existing pension of PF subscribers from the existing Rs 1,000 per month was given by the Ministry of Labor. The parliamentary committee will seek clarification from the Finance Ministry in this regard. However, it could not be found that how much pension has been proposed by the Ministry of Labor?

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Top officials of the Ministry of Labor and EPFO ​​informed the Parliamentary Standing Committee on Labor, headed by BJD MP Bhartrihari Mahtab, about the operation of the EPF Pension Scheme and the management of its funds. Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension.

The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

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