Modi govt to double pension for organized sector employees: Good news
New Delhi : In a recent development, the Narendra Modi government is likely to increase the minimum pension of retired employees. A close source reports in Mint that Centre is considering doubling, or even trebling, the minimum monthly pension for retired organized sector employees. If the news comes true then the decision would benefit lakhs of pensioners, while, the government has to bear possible additional expenses.
As per the publication, a three-member committee, constituted by the labour ministry three months ago mentioned that the existing pension of ₹ 1,000 per month is too low. However, a final decision is yet to be taken, there is a strong opinion that worker’s minimum pension needs to get a hike.
“The committee has suggested that the government should immediately announce ₹ 2,000 as minimum pension. The further enhancement up to ₹ 5,000 can be debated and arrived at over time. The government has a responsibility and, I think, the poor workers should be provided with an enhanced pension,” said Wig, who is also a central board member of the Employees Provident Fund Organisation, or EPFO.
In the initial phase of 2018, it was reported that job creation slowed down in non-farm sectors during February as new member registrations with the EPFO for its various schemes declined to a four-month low of 4,72,075 during the month, according to the monthly data released by the retirement fund body on Wednesday.
As many as 6,04,557 such members were registered in January 2018 and 5,57,633 in December 2017, the latest data by the Employees' Provident Fund Organisation (EPFO) about all non-zero contributors or new members that are registered with the body every month showed.
The number of all non-zero contributors registered with the EPFO was 647,019 in November, 3,93,904 in October and 4,35,283 in September last year.
The EPFO said that these estimates may include momentary employees whose contributions will not continue for the entire year.
All establishments across the country with 20 or more employees whose basic wages are up to Rs 15,000 are required to be compulsory covered under the social security schemes run by the EPFO.
The EPFO manages social security funds of workers in the organised/semi organised sector in India and has more than 6 crore active members.
The maximum employment of 139,032 was produced in age bracket of 22-25 years in February, 2018 while in January, 2018 the highest number of new registered members were in 18-12 year age bracket.