Labour Ministry to decide increase pension under Employees' Pension Scheme 1995
He informed the House that the committee has already held three meeting and the proceeding on the matter is also on in the Supreme Court.
The Labour Ministry will take a call on the demand for increasing the minimum monthly pension of Rs 1000 under the Employees' Pension Scheme 1995 after receiving a report of the high-powered committee in October and settlement of writs related to it in the apex court.
"We are expecting a report of the high-powered monitoring committee in October. There are 21 writ petitions in the Supreme Court on the issue. We will consider it after receiving the report and orders on writs," said Minister of State for Parliamentary Affairs Arjun Meghwal on behalf of Labour Minister Santhosh Kumar Gangwar in the Rajya Sabha while replying to an oral question.
The minister also informed that the pension calculated under the scheme (at present wage ceiling) may be more or less than Rs 2,500 per month depending upon the pensionable salary and years of service.
The pension entitlement was implemented on September 1, 2014. The government has been shelling out additional funds to providing this entitlement which gave relief to over 40 percent pensioners under the scheme.
Replying to demand of increasing government subsidy contribution of 1.16 percent of basic wages to 4 or 5 percent, the minister said all these aspects would be considered after receiving the report of the committee.
The high-powered committee was constituted under the chairpersonship of Additional Labour Secretary with Employees' Provident Fund Organisation (EPFO) Central Provident Fund Commissioner and employees' and employees' representatives among others.
On increasing investments in the stock market, the minister informed the House that investments are reviewed time to time and at present, the body invests 85 percent in debt and 15 percent in an equity-linked scheme (mutual funds).
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