EPFO LATEST NEWS (February 2019) – After the unorganized sector, the Central Government is now preparing to give a big gift to the Employees Provident Fund (EPFO) subscribers. The minimum amount of pension can be Rs 3000.
NEWS – (February 2019)
For Minimum Pension the government can make a benchmark of Rs. 3000. According to Virajesh Upadhyay, member of the Central Board of Trustees (CBT), the government has announced a pension of Rs 3,000 for the unorganized sector in the budget.
The Government Can Make This Announcement Before Lok Sabha Elections
Yes, you’ve heard it right!
- It has already been proposed by the Finance Ministry that before the Lok Sabha elections, the government can announce a minimum pension for EPFO subscribers.
- the Labor Ministry has requested the Finance Ministry to take a decision on this soon.
- As of now, the minimum pension for EPFO subscribers is 1000 thousand rupees.
- The Central Board of Trustees has demanded the government to make the base of 3000 thousand rupees only.
How Much Money Goes To The EPFO Pension Fund
8.33 percent of the company’s contribution goes to the pension fund. The government contributes 1.16 percent on its behalf in this fund.
If the minimum pension will Rs 3 thousand, then the additional burden of Rs 8.5 thousand crores can come to the treasury.
If the minimum pension amount increases, then the number of EPFO’s active members will definitely increase.