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Minimum pension of Rs. 1,000 under EPFO; wage ceiling up at Rs. 15,000
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.The governments decision to fix
pension entitlement of Rs. 1,000 under the Employees Pension Scheme 1995
(EPFS-95) will immediately benefit 28 lakh pensioners who get less than this
amount at present. The move to enhance the minimum wage ceiling for
becoming a subscriber of Employees Provident Fund Organization to Rs. 15,000
per month is expected to bring 50 lakh additional formal sector workers under
the ambit of the body.