EPFO member wants hike in minimum pension to Rs. 6,500 – ANDHRA PRADESH

Employees’ Provident Fund Organisation Central Board of Trustees’ member A.K. Padmanabhan on Monday said the government should give minimum pension of Rs. 6,500 plus DA per month to all the pensioners under Employees’ Pension Scheme, 1995.

Mr. Padmanabhan, all India vice-president of CITU, was here to address the first State-level convention of All Pensioners and Retired Persons’ Association at the Andhra University Assembly Hall.

Speaking to The Hindu on the sidelines of the convention, he said since launching of the scheme revision had been done only thrice with paltry increase in the amount.

Now a minimum pension of Rs. 1,000 is given with several riders by continuing wage ceiling of Rs. 15,000. On an average, one gets a maximum pension of Rs. 3,000 due to the ceiling.

Demanding the removal of the ceiling on contribution to the pension fund, he said the government unilaterally withdrew the option and paid back the contributed amount to subscribers. Now only 8.33% of employer’s contribution of 12% to provident fund is being taken towards EPS.

Mr. Padmanabhan demanded annual revision, restoration of option for commutation, payment of return of capital to family in the event of the subscriber’s death and consider pension as a social security measure.

Speaking at the convention, CITU State president Ch. Narsinga Rao said of a reserve of Rs. 40 lakh crore, only Rs. 4 lakh crore was being used.

He said there was a deliberate attempt to invest EPS contributions in the stock market and deny the right to get decent pension to the members.

He also came down heavily on the NDA Government for weakening public sectors and trying to privatise them.

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