Employees Pension Scheme (EPS): Pension Hike Demand

Context:

The Parliamentary Standing Committee on Labour, headed by senior BJP leader Basavaraj Bommai, has recommended the Centre to increase the ₹1,000 minimum pension paid by the Employees Provident Fund Organisation (EPFO) under its Employees Pension Scheme (EPS). The trade unions and associations of pensioners have been demanding an increase in the minimum pension.

What is this Employees’ Pension Scheme?

• Runs by EPFO, EPS has started in 1995. The pension fund was supposed to be a deposit of 8.33% of the employer contribution towards PF corpus.
• The scheme caters to the general employee’s pensions in an established sector under the retirement age of 58 years.

Know about: EPFO