Increase pensioners under the Employees’ Pension Scheme (EPS), 1995

Increase pensioners under the Employees’ Pension Scheme (EPS), 1995

Ministry of Finance Department of Expenditure

LOK SABHA

UNSTARRED QUESTION NO.2132
TO BE ANSWERED ON, MONDAY, DECEMBER 9, 2024/ /AGRAHAYANA 18, 1946 (SAKA)

INCREASE IN PENSION UNDER EPS, 1995

Shri Asaduddin Owaisi:

Will the Minister of Finance be pleased to state:

(a) whether the Government has received any representations from pensioners under the Employees’ Pension Scheme (EPS), 1995, requesting an increase in the minimum pension amount;

(b) whether the Government has any proposal to increase the pension under the EPS, 1995,and if so, the details thereof;

(c) whether the Government has conducted any assessment of these representations to increase the EPS pensions, particularly in the light of the observations made by the Standing Committee on Labour, Textile and Skill Development in its 30th report, and if so, the findings of such assessments;

(d) whether the Government is considering to provide financial resources to facilitate an increase in the pension under the EPS, 1995; and

(e) if so, the details thereof and if not, the reasons therefor?

ANSWER
MINISTER OF STATE FOR FINANCE

(SHRI PANKAJ CHAUDHARY)

(a) The Ministry of Labour and Employment has informed that representations have been received from various stakeholders including trade unions requesting increase in the minimum pension amount under the Employees’ Pension Scheme (EPS), 1995.

(b) & (c) The EPS, 1995 is a “Defined Contribution-Defined Benefit” Social Security Scheme. The corpus of the Employees’ Pension Fund is made up of (i) contribution by the employer @ 8.33 per cent of wages; and (ii) contribution from Central Government through budgetary support @ 1.16 per cent of wages up to an amount of Rs.15,000/- per month. All benefits under the scheme are paid out of such accumulations. The fund is valued annually as mandated under paragraph 32 of the EPS, 1995 and as per the valuation of the fund as on 31.03.2019, there is an actuarial deficit.

(d) & (e) Government, for the first time, in the year 2014, provided a minimum pension of Rs. 1000 per month to the pensioners under the EPS, 1995 by providing budgetary support, which was in addition to the budgetary support of 1.16 per cent of wages provided annually towards EPS to Employees’ Provident Fund Organisation (EPFO). The details of funds released to the EPFO during the last five years towards Government of India’s statutory contribution of 1.16 per cent and towards minimum pension of Rs.1000/- per month under the Employees’ Pension Scheme, 1995 are as follows:

(Rupees In crores)

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