The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
Tomar had discussed the two proposals with trade unions on June 24 and assured that the government will take at least two weeks to take a decision.
This will incentivise employers to recruit unemployed persons and also bring into books the informal employees.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
As per the recommendations of the 2nd National Commission on Labour, the ministry is codifying existing 44 central labour laws into four codes by simplifying, amalgamating and rationalising the relevant provisions of the legislations.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
Those who get less than Rs 1,000 a month include 22 lakh (2.2 million) member pensioners and 5 lakh widows as on March 31, 2013.
The decision to suspend this benefit will hit 32 lakh pensioners.
Six firms have qualified for managing EPFO funds.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
A formal sector worker can contribute towards pension scheme till the age of 58.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
It's time we dispensed with the paper trail and shifted all labour law paper, workflows and permissions online.
If your account is idle for over five years, there could be issues with acquiring EPF details.
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