The recommendations of the Pension Implementation Committee (PIC) of the Employees’ Provident Fund Organisation to increase the minimum pension amount to Rs. 1000 per month is to be placed before Central Board of Trustees, Employees Provident Fund {(CBT(EPF)} in its ensuing meeting for its consideration.
The decision to increase minimum pension to Rs. 1000 per month as per actuarial valuation would require 0.63 per cent increase in the contribution in addition to the existing rate of employers contribution of 8.33 per cent. Any follow-up action would arise only after consideration by CBT (EPF).
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Tags : Labour Service Law
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This is requited since long as most of the Pensioners are not happy with the present meagre pension which has not been revised since long.In my opinion, raising of contribution by 0.63 per cent is possible as Employer is already contributing 12% out of which he is depositing 8.33 in EPS and rest in Member,s account .