New Delhi, February 9 The total number of active member pensioners under the Employees' Pension Scheme 1995 (EPS-95) receiving a pension of less than ₹9,000 is 47,04,270 across the country, Parliament was informed on Monday.
According to the dashboard of the Employees' Provident Fund Organisation (EPFO), the total number of current pensioners under the EPS-95 is 82,11,182.
In a written reply to the Lok Sabha on Monday, Minister of State for Labour and Employment Shobha Karandlaje stated, "The total number of active member pensioners under EPS-95 receiving a pension of less than ₹9,000 is 47,04,270."
She told the House that representations have been received from various stakeholders, including trade unions and public representatives, to increase the minimum pension under the scheme from the existing ₹1,000 per month.
The Employees' Pension Scheme, 1995 is a 'Defined Contribution-Defined Benefit' social security scheme.
The corpus of the Employees' Pension Fund is made up of contributions by the employer at the rate of 8.33 per cent of wages; and 1.16 per cent contribution from the central government on wages up to ₹15,000 per month.
All benefits under the scheme are paid out of this fund, she stated.
The government is providing a minimum pension of ₹1,000 per month to pensioners under the EPS, 1995 through budgetary support, which is in addition to the 1.16 per cent budgetary support of wages towards EPS to the Employees' Provident Fund Organisation (EPFO), she told the House.
The fund is valued annually as mandated under paragraph 32 of EPS, 1995.
The objective of the valuation is to determine the long-term viability of the fund, given the expected stream of money inflows from contributions, etc, and the outflows in terms of benefits, the minister stated.
The Government of India is committed to providing robust social security coverage through the EPF Scheme, 1952, EPS-95 and EDLI Schemes being run by the EPFO, to the members of these schemes, taking into consideration the sustainability of the respective funds as well as the future liabilities thereon, she stated.
