Rs 1,000 minimum pension is almost reality now

This is an achievement for joint efforts of AISCCON and BHarat Pensioners Samaj.
It was Lohitakshan (common friend to many IDL members of sss global)
who mooted the idea of fighting out this injustice.
AISCCON took it up and formed a special EPS-95 cell, comprising of
members from AISCCON and BPS. This cell worked relentlessly for early
2 years . Finally some relief has come. Quantum could have been more.
Few Industrial EPS95 retirees were getting just Rs 12 (ONLY Twelve)
per month!! From there, the present change in pension is better -
Don't you agree?


Dr P Vyasamoorthy


On Wed, Feb 5, 2014 at 11:14 PM, Raghavendra Rao Venkatasubbarao
<vrvrao45@gmail.com> wrote:
>
>
> http://businesstoday.intoday.in/story/rs-1000-minimum-pension-is-almost-reality-now/1/203027.html
>
> Rs 1,000 minimum pension is almost reality now
>
> PTI New Delhi Last Updated: February 5, 2014 | 21:26 IST
> TAGS: epfo | minimum pension | basic pay | DA | Employees Provident Fund
> Organisation
> STORY TOOLS
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> Trustees of retirement fund body EPFO on Wednesday approved a proposal to
> provide a monthly pension of minimum Rs 1,000, a decision that will
> immediately benefit about its 28 lakh pensioners.
>
> The Central Board of Trustees (CBT), the apex decision making body of EPFO
> also decided to raise the monthly wage ceiling to Rs 15,000 from Rs 6,500 by
> amending the EPF scheme, 1952, so that more workers can be brought under its
> various social security programmes.
>
> "The board has decided to approve the proposed amendments in the schemes to
> ensure that Rs 1,000 minimum monthly pension under EPS-95 and also increased
> the wage ceiling to Rs 15,000 per month," Labour Minister Oscar Fernandes,
> who chaired the CBT meeting, told reporters.
>
> At present, workers getting basic wages, including basic pay and DA, of up
> to Rs 6,500 are covered under the ambit of Employees' Provident Fund
> Organisation (EPFO).
>
> According to an EPFO official, the Labour Ministry will soon move proposal
> before the Union Cabinet for its approval for the Rs 1,000 minimum monthly
> pension as the government would have to make fund provisions for the
> purpose.
>
> "We have also reduced the administrative charges paid by the employers.
> Their burden would increase with the increase in wage ceiling," the Minister
> said.
>
> The board has also decided to reduce administrative charges from 1.10 per
> cent of the basic wage, including basic pay and dearness allowance, to 0.85
> per cent.
>
> Besides, the trustees have also approved a proposed change in the
> methodology of computing the pensionable salary.
>
> The pensionable salary will be calculated on the basis of average salary of
> the last 60 months instead of 12 months as provided in the EPS-95.
>
> However, the proposed change in the methodology for computing pensionable
> salary was approved with a dissent note from the trade unionist members of
> the CBT.
>
> The Employees Provident Fund Organisation (EPFO) runs social security
> programmes Employees' Provident Fund Scheme 1952, Employees' Pension Scheme
> 1995 and Employees' Deposit Linked Insurance Scheme 1976.
>
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