The pension of Rs 1,000 for EPFO members is not enough, those who retired before 2015 have to face more trouble. The monthly pension of Rs 1,000 under the Delhi Employees Provident Fund Organization (EPFO) is completely inadequate. The Labor Ministry should come up with a proposal to increase it.
This has been stated in the report of the Parliamentary Standing Committee on Labor Affairs. Emphasis on the need to increase the minimum pension in the report of the Parliamentary Committee was not agreed to any such proposal to increase the pension.
The panel said that the issue has been discussed by several committees and it has been concluded that till the actual assessment of surplus/deficit of the EPFO pension scheme is not done, the monthly pension cannot be changed.
The panel highlighted the difficulties faced by EPFO members in e-nomination. The committee said that eight years ago, the minimum pension of Rs 1,000 monthly was fixed, now the labor ministry should send budget proposals to the ministry to raise the pension to a practical level, which seems completely inadequate.
The report said the ministry had set up a high-powered monitoring committee in 2018 to evaluate and review the Employees' Pension Scheme, 1995. In this committee, the Finance Ministry had suggested to propose to get budgetary support for increasing the pension.
The committee had recommended that the pension should be raised to a minimum of Rs.2,000. However, the finance ministry, especially those who had retired before 2015, had to face more trouble. Along with this, better use of information and technology tools from the panel. Appreciated the efforts of EPFO !
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