Possible, with a will
Rs. 1,000 and less! Some 37 lakh senior citizens and their dependents survive on this monthly pittance called pension from the Employees’ Pension Scheme 1995 of the EPF Act 1952.
Rs. 1,000 and less! Some 37 lakh senior citizens and their dependents survive on this monthly pittance called pension from the Employees’ Pension Scheme 1995 of the EPF Act 1952.
You might have seen news about the Unified Pension Scheme (UPS), maybe even skimmed a few articles, and then moved on, thinking this is just another policy tweak that doesn’t concern you.
New subscriptions to the Employees’ Provident Fund (EPF) scheme were down a percent in June from the previous month at 1.02 million.
The new pension scheme for its employees, inferior to the existing one, is a case in point. More disturbing is the denial, due to some flimsy objections, of the higher pension right to a large number of employees already covered under the Employees’ Provident Fund (EPF) scheme, not to speak of the total exclusion of a category of employees recruited after 1 September 2014.
The BMS will soon present a memorandum on its suggestions to the Finance Ministry, he said.
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