News: '32 lakh pensioners will benefit from revamped scheme'

Compensation & Benefits

'32 lakh pensioners will benefit from revamped scheme'

The recently-enhanced minimum pension under the Employee Pension Scheme (EPS) will benefit about 32 lakh pensioners, according to the Union Minister for Urban Development M Venkaiah Naidu. Speaking at a programme to felicitate EPS pensioners on Tuesday, Naidu said this was significant because of the fact that the total number of pensioners under EPS was 49 lakh. The Employees Provident Fund Organisation runs the Employees Family Pension Scheme (1971), under it a pension was given to the family of the employee in an event of death while in service. There is no provision for pension to employees on superannuation or retirement under this scheme. Subsequently the Employees’ Pension Scheme (1995) came into effect November 16, 1995 onwards.

The recently-enhanced minimum pension under the Employee Pension Scheme (EPS) will benefit about 32 lakh pensioners, according to the Union Minister for Urban Development M Venkaiah Naidu. Speaking at a programme to felicitate EPS pensioners on Tuesday, Naidu said this was significant because of the fact that the total number of pensioners under EPS was 49 lakh. The Employees Provident Fund Organisation runs the Employees Family Pension Scheme (1971), under it a pension was given to the family of the employee in an event of death while in service. There is no provision for pension to employees on superannuation or retirement under this scheme. Subsequently the Employees’ Pension Scheme (1995) came into effect November 16, 1995 onwards.

Read the Hindu Business Line news report here.

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Topics: Compensation & Benefits, #Current, #National, #TotalRewards

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