As per the statistics available upto 31.03.2012, the number of pensioners receiving pension less than Rs. 500/- p.m. is around 12 lakh and those receiving more than Rs. 500 and less than Rs.1000/- is around 16.05 lakh.
A number of representations have been received against meager pension and demanding increase in the pension. In order to address this issue, the Government of India constituted an Expert Committee for reviewing the Employees™ Pension Scheme, 1995 on 12.06.2009. The recommendation of the Expert Committee was considered by Pension Implementation Committee (PIC), a sub-Committee of Central Board of Trustees (CBT), Employees™ Provident Fund (EPF), which inter-alia recommended that a minimum monthly pension under Employees™ Pension Scheme, 1995 be increased to Rs. 1000/- per month as an interim measure. The recommendation of the PIC was considered by CBT, EPF. However, the discussion remained inconclusive. A proposal for providing minimum pension of Rs. 1000/- under EPS, 1995 is under consideration of the Government.
Central Government appoints Valuer under Para 32 of the Employees™ Pension Scheme, 1995 for annual valuation of Employees™ Pension Fund. Depending on the valuation report, the Central Government declared additional relief whenever Pension Fund permitted to do so. From 5th valuation of Employees™ Pension Fund as on 31.3.2001, the fund is showing continuous deficit, therefore, pension could not be revised by the Central Government.
However, the following categories of pension were increased w.e.f. 29.01.2000 in the following manner:
|Category of Pension||Increased from||Increased to|
|Widow/Widower Pension||Rs. 250/-||Rs. 450/-|
|Children Pension||Rs. 115/-||Rs. 150/-|
|Orphan Pension||Rs. 170/-||Rs. 250/-|
On the basis of the annual valuations carried out by the valuer appointed by the Central Government, the Central Government grants relief to pensioners, if the Employees™ Pension Fund shows surplus. The first four valuations showed surplus and accordingly relief of 4%, 5.5%, 4% & 4% was granted during 1996 to 2000. However, no relief has been declared by the Central Government after 31.03.2000 as the fund is showing continuous deficit thereafter.
This information was given by Minister of State for Labour & Employment Shri Kodikunnil Suresh in the Rajya Sabha in reply to a written question.
Tags: Board of directors, CBT, Central Government, Employee Provident Fund, EPF, Government of India, Pension fund, Rupee