OTHER GROUP COMPANIES
market

Govt approves Rs. 1,000 minimum monthly pension under EPF

Pensioners will get the benefit with effect from April 1

March 06, 2014 4:49 IST | India Infoline News Service
The Government on Friday has approved the proposal to ensure Rs. 1,000 minimum monthly pension under a scheme of EPFO (Employees’ Provident Fund Organisation), according to a media report.
The Finance Ministry has already approved the proposal. Pensioners will get the benefit with effect from April 1, the report added.
The move will benefit about 28 lakh pensioners. Last month, Central Board of Trustees (CBT), the apex decision making body of EPFO had met on February 5, and decided to amend the EPS-95 scheme for the purpose.
The proposal was placed before the Union Cabinet for approval as the government had made funding provisions for it.
The government would have to provide an additional amount of around Rs. 1,217 crore to ensure the minimum pension of Rs. 1,000 starting 2014-15.


OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account
  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity