Lame excuses
It is impossible for vulnerable and unorganized pensioners to get caught up in a long and complicated litigation process. This is also the calculation of the Central Government. Efforts are being made to eliminate the very concepts of pension and old age security.
At present, the maximum pension available even to the highest paid employees in the organized sector is Rs 7,500 per month. Very few people can reach this maximum pension. The vast majority of people receive a pension of less than Rs 2,500 per month. No matter how many years pass, the pension will not change. This is because there is no provision for DA in EPF pension. The reason why the pension is so ridiculously low is because the salary to which the pension is entitled is very low. The second reason is the intricacies of the equation used to calculate pensions.
Simply put, the EPF pension is the amount of salary entitled to a pension multiplied by the number of years of service and divided by seventy. Calculated using this amazing equation, in the beginning the monthly pension of many was one rupee !. When the pensioners' organization pointed out this shame, the minimum pension was fixed at Rs.1000. The EPFO's notoriety for denying even this minimum pension is notorious
There are still 27 lakh people who have not received a minimum pension of Rs 1,000. The reason given for denying a fair pension is that there is no money. More resources will be available if employers and workers are allowed to contribute more to the pension fund. The proposal to divert Rs 50,000 crore lying unclaimed in the pension fund could be abandoned and used to raise the minimum pension for the lowest paid. It is also urgent to consider allocating EPFO administration charges from the budget instead of diverting it from the contributions of poor workers. By using a small portion of the money spent annually to give tax breaks to corporates and write off their bad debts, injustice and embarrassment in the pension sector can be avoided. If the minimum wage is set at Rs.300 and at least half of it is decided to be paid as a minimum pension, the minimum pension will be Rs.4500. That is why various organizations are demanding a pension of not less than Rs 3,000.
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