In order to secure a minimum pension of Rs. 1,000/- per month under Employees’ Pension Scheme (EPS), 1995 to the member pensioners, the present Government contribution to EPS, 1995 is required to be raised from the existing 1.16% to 1.79% of wages thereby increasing the Government’s present contribution from approximate Rs.990 crore per annum to Rs.1533 crore per annum in the first year. An analysis of the trend in the contribution made by the Central Government suggests that the contribution of the Central Government has been increasing at an average of 10-15% per annum over the last five years.
This information was given by Minister of State for Labour & Employment Shri Kodikunnil Suresh in the Lok Sabha today in reply to a written question.
Source:pib
