NASHIK: The amount of EPFO pension scheme is less, and the pensioners demand the organisation should at least pay Rs.9000 per person. The Bharatiya Mazdoor Sangh has decided to take up the matter in the upcoming elections of five states. They stated if they come together, they can shape and alter the future. For past many years, the Sangh has demanded to increase the minimum pension scheme limit from Rs.1000 to benefit the pensioners.
In March 2021, the Parliament’s standing committee had recommended increasing the minimum amount from Rs.1000 to Rs.3000. However, pensioners demand to increase the amount to Rs.9000 as only then; the EPS-95 (Employees’ Pension Scheme 1995) will prove beneficial to pensioners. Bharatiya Mazdoor Sangh had demanded to at least increase the amount to Rs.5000.
EPS-95 Scheme under Employees’ Provident Fund Organization (EPFO) was introduced in November 1995. For availing benefits of the pension scheme, the employee must serve a minimum of 10 years in service. Also, the age of retirement is 58. The employee and employer each contribute 12% of the employee’s basic salary and Dearness Allowance (DA) in EPF.
While the entire share of the employee is contributed towards EPF, 8.33% of the employer’s share goes in EPS. The scheme provides Rs.1000 as a monthly pension to retired employees. Widow pension, Children pension and various other benefits are provided under the scheme. The Sangh has demanded an increase in the pension amount. However, the government doesn’t have enough funds at the moment.
Due to the pandemic and economic slowdown, the government is suffering from a financial crunch. However, BMS stated if government wants to strengthen the economy again, they need to increase the pension, which shall increase the purchasing power of pensioners. This step will benefit the government in the end.
“Bharatiya Mazdoor Sangh has demanded the government to increase the pension at least to Rs.5000. It was expected the government shall make changes in this year’s budget. However, they didn’t make any changes. We are adamant about our demand. However, till the government doesn’t take any decision, the pensioners shouldn’t fall prey to anyone’s agenda.” – Vijay Mogul, President, Bharatiya Mazdoor Sangh
