EPS Pension Latest Update: EPS pension may be Rs 5000, may be decided on Wednesday
EPS Pension Latest News: Employee Pension Scheme, 1995 (EPS) was introduced to enable employees working in the private sector organized sector to get the benefit of monthly pension after retirement. Under the EPF Scheme, 1952, 8.33 per cent of the employee’s EPF contribution of 12 per cent to the employee’s EPF goes to EPS. After the age of 58, the employee can get the benefit of monthly pension with EPS money.
Organized sector companies coming under the ambit of EPFO have to provide benefits of EPF (Employee Provident FUnd) to their employees. The contribution from both the employer and the employee in EPF is 12-12% of the employee’s basic salary + DA. Of the employer’s 12 per cent contribution, 8.33 per cent of the Employee Pension Scheme goes to EPS. According to information received from sources, preparations are being made to pay more interest on Provident Fund (PF) and pension of Rs 5000 per month under Employees Pension Fund (EPS). This week the Labor Panel will hold a big discussion to discuss these two matters.
Important meeting to be held on October 28 – In the meeting, the panel will brainstorm the management, performance and investment of 10 trillion rupees fund under EPFO. The panel was formed only last month. If sources are to be believed, the panel will also consider how to make EPFO more beneficial for those working in organized and unorganized sector. Fund managers have been watching EPFO funds for quite some time. Also, the decisions related to its investment also do the same. In this case, this panel will assess it. The panel member will also assess the impact on EPFO funds due to corona virus and lockdown.
Pensions can increase up to Rs 5000- According to sources, in the meeting of the panel set up for PF fund on Wednesday, the availability of the amount received by the families in case of death of the account holder and increase the pension under the Employees Pension Scheme (EPS). There will be discussion on making sure. There will also be a consideration of increasing the minimum pension to Rs 5,000 monthly under the EPS scheme. Many trade unions and labor organizations have also been demanding to increase the pension amount for some time. The objective of the central government is to provide security of old age and social security to the unorganized workers.
The panel on EPF Fund will discuss the issue in several meetings and submit its detailed report to Parliament in the winter session. The members of the panel have also given details of the provisions made for the workers of organized and unorganized sector in other countries to the representatives of the Ministry of Labor.
Interest on your PF may increase – 8.5% interest has been fixed on the Employees Provident Fund (EPF) for the year 2019-20. This is the lowest in the last five financial years. In such a situation, there is also a plan to increase it. If the panel invests in a place that offers higher returns in its report, then you will also get the benefit. It will also be the responsibility of the panel to provide more interest in the next financial year. The interest rate for the financial year 2020-21 will be fixed in the end of December or January. Before that it can be decided based on the recommendations of the panel.
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