The much-awaited scheme of the Central government proposing minimum monthly pension of Rs. 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by Employees’ Provident Fund Organisation (EPFO) will be implemented fromSeptember 1.
The scheme will benefit 28 Lakh pensioners immediately under Employees’ Pension Scheme 1995 (EPFS-95).
EPFO’s Central Provident Fund Commission K K Jalan told PTI, “The government has notified enhancement of wage ceiling to Rs 15,000 per month, fixed minimum monthly pension at Rs 1,000 under EPS-95 and enhanced the maximum sum assured under the Employees’ Deposit Linked Insurance (EDLI) Scheme to Rs three Lakh”.
Jalan said “Now the maximum sum assured under the EDLI works out to be Rs 3.6 lakh including 20% ad hoc benefit over the prescribed amount under the notification.”
Under this new scheme, if a EPFO subscriber dies, the maximum sum assured for the family has been increased to Rs 3.6 Lakh from existing 1.56 Lakh.