A parliamentary panel has recommended an urgent review of the Rs 1,000 minimum monthly pension under the Employees' Pension Scheme, 1995, to raise it to a more realistic and dignified level, considering the rising cost of living and the financial hardships faced by pensioners.
The Union finance ministry has rejected a proposal sent by the labour ministry to double the monthly minimum pension amount to Rs 2,000 under the Employee Pension Scheme (EPS). The Central Board of Trustees (CBT), the apex decision-making body of the Employee Provident Fund Organisation (EPFO), was apprised of the proposal's rejection during a meeting on Saturday. "According to the recommendations made by a highly-empowered monitoring committee constituted by the government, a proposal to increase the minimum pension under EPS from Rs 1,000 to Rs 2,000 per month, by providing additional budgetary support, was sent to the ministry of finance.
The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
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.
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.
The Employees' Provident Fund Organisation (EPFO) is considering raising the monthly minimum wage ceiling from Rs 15,000 now to improve the coverage and bring millions of informal workers under its purview. The last increase in the minimum wage ceiling was in 2014 to Rs 15,000 from Rs 6,500.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
In terms of MLA salaries, Odisha is followed by Telangana (about Rs 2.7 lakh), Maharashtra (Rs 2.6 lakh), Manipur (Rs 2.5 lakh), and Uttar Pradesh (Rs 2.4 lakh).
EPF doesn't just build your retirement fund -- it also provides free life insurance up to Rs 7 lakh under the EDLI scheme.
From appointment letters becoming mandatory to gig workers receiving social security to enhanced rights for women and contract labour, the changes reflect India's attempt to balance ease of doing business with stronger worker welfare.
The Unified Pension Scheme (UPS) adoption rate has risen to over 4.35 per cent, with more than 100,000 people out of 2.3 million eligible individuals opting for it, Pension Fund Regulatory and Development Authority (PFRDA) chairman S Ramann said in an exclusive interview with Business Standard on Monday. He also said that six states had approached the PFRDA for help in adoption of the scheme.
The 100 per cent withdrawal provision and the 25 per cent minimum balance provision have led to some confusion.
The decision to suspend this benefit will hit 32 lakh pensioners.
EPFO has simplified PF withdrawals -- fewer rules, faster access, and more flexibility -- while introducing safeguards that make it harder to drain your retirement savings too early.
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.
Your EPF isn't just a retirement pot. It's a financial safety net you can dip into for life's biggest needs. Here's how these one-time advances work and when to use them wisely.
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 National Pension System is applicable for government employees joining the service after April 1, 2004. It was based on the premise of contribution rather than defined benefit applicable for employees prior to the NPS.
'A price of $6,600/oz is now a reasonable target for gold.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Indian government has refused to accept recommendations for a 10% pension increase for retired regular Army captains under the One Rank One Pension (OROP) scheme. The Supreme Court heard an appeal by the government challenging an Armed Forces Tribunal order that mandated a decision on pension for retired captains. The government's decision not to accept the recommendations has led to a delay in resolving pension anomalies for these officers. The case will be heard again on December 12, 2023.
Over 25 crore workers across India are set to strike against new labour codes and privatisation, potentially disrupting banking, postal, and other essential services.
The Securities and Exchange Board of India (Sebi) is set to introduce key reforms aimed at facilitating smoother mega initial public offerings (IPOs). Key among the proposals is a reduction in the quota reserved for individual investors - those applying for less than Rs 2,00,000 per application - from the current 35 per cent to 25 per cent for large IPOs (issue size above Rs 5,000 crore).
Co-investment under the portfolio management services (PMS) route accounted for less than 50 crore in assets and involved fewer than a dozen clients for much of 2022. Since then, assets under management have risen to 3,812 crore across 535 clients as of April 2025, according to the latest regulatory data. The recent changes may open the door to greater investment from sovereign wealth and pension funds, experts say.
Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
Switching to the UPS could be a game-changer for your retirement planning, especially if you value guaranteed benefits and higher government contributions, observes Ramalingam Kalirajan.
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
Around 20 lakh pensioners to benefit from govt new pension scheme.
The Supreme Court came down heavily on the Centre on Tuesday for failing to take any decision for years on the pension payable to retired regular captains of the Army in accordance with the One Rank One Pension (OROP) scheme and imposed a fine of Rs 2 lakh on it.
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The minimum capital required for setting up a pension fund is likely to be fixed at Rs 25 crore (Rs 250 million), one fourth of what is prescribed for the insurers.
The order also provides that the field office will incur expenditure on the facilitation function under the head of publicity.
Many affluent young people are first-generation wealthy. They have limited financial literacy, lack quality financial guidance or role models, and often fall prey to mis-selling. This makes them hesitant to invest in high-return assets like equities.
At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month.
The 'restore old pension' campaign is being spearheaded by the National Movement for Old Pension Scheme (NMOPS), a federation with over 13 lakh government employees as its members.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
The government has also revised the minimum wages for unskilled non-farm workers upwards by 42 per cent to Rs 350 per day
The the scheme has a subscriber base of 35 million.
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