Parliamentary Push for Pension Reform Under EPS-95

A parliamentary panel urges an urgent review of the Employees' Pension Scheme (EPS-95), advocating for a raised minimum pension from Rs 1,000 to Rs 7,500. The current pension struggles to meet basic needs amid rising living costs. The Committee suggests enhanced budgetary support and social security measures for pensioners and gig workers.

A parliamentary panel has called for a comprehensive review of the Employees' Pension Scheme, 1995 (EPS-95), emphasizing the need to increase the minimum pension from Rs 1,000 to Rs 7,500 monthly. This push comes as pensioners demand a more realistic amount to meet basic living costs.

The Committee on Labour, Textiles, and Skill Development noted that Rs 1,000 is insufficient given the current economic environment marked by inflation and high living expenses. Various representations from elderly pensioners backed this call for an upward revision due to financial hardships.

The panel urged the Ministry of Labour and Employment to boost budgetary support, ensure timely relief for contract workers, and improve social security for gig workers. Additionally, reforms in fiscal discipline, mining safety, and social insurance coverage expansion were recommended to ensure broader social security.

(With inputs from agencies.)