LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

EPFO Employees Pension Scheme 1995 not enough, Parliamentary committee want more for public

The Parliamentary Standing Committee on Labour in its 34th report tabled in Parliament today said it is of the firm opinion that this (Rs 1,000) is too  meagre  an amount which will not be able to  fulfil  even the basic monthly needs and requirements of a pensioner. The committee recommended that government undertake an assessment of the pension scheme with particular reference to the right of sustenance of the pensioners and based on the result, consider revision of the amount accordingly

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
EPFO Employees Pension Scheme 1995 not enough, Parliamentary committee want more for public
Parliamentary panel recommended that a list of defaulters should also be displayed on the website of Labour Ministry/EPFO. Image source: zeenews.com
Written By: PTI
Updated: Wed, Mar 14, 2018
11:19 am
PTI
RELATED NEWS
EPFO claim online: This laudable initiative launched to bring relief to members EPFO claim online: This laudable initiative launched to bring relief to members
EPFO alert! New Year gift from Modi government - Good news is here! EPFO alert! New Year gift from Modi government - Good news is here!
Good news for employees! EPF interest rate hike to 8.65 per cent approved by Finance Ministry Good news for employees! EPF interest rate hike to 8.65 per cent approved by Finance Ministry
Have provident fund (PF), but worried about your balance? See if your company is treating you right Have provident fund (PF), but worried about your balance? See if your company is treating you right
 EPFO data reveals 8.96 lakh jobs created in January, 76.48 lakh in last 17 months EPFO data reveals 8.96 lakh jobs created in January, 76.48 lakh in last 17 months

A Parliamentary panel today asked the government to assess Employees Pension Scheme 1995 and consider revision of minimum monthly pension of Rs 1,000 under that, saying the social security benefit is too meagre to fulfil even basic needs. The Parliamentary Standing Committee on Labour in its 34th report tabled in Parliament today said it is of the firm opinion that this (Rs 1,000) is too meagre an amount which will not be able to fulfil even the basic monthly needs and requirements of a pensioner.

The committee recommended that government undertake an assessment of the pension scheme with particular reference to the right of sustenance of the pensioners and based on the result, consider revision of the amount accordingly. Employee Provident Fund Organisation (EPFO) had started providing minimum monthly pension of Rs 1000 under the Employees Pension Scheme 1995 from September 1, 2014. The committee also suggested that government should take a policy decision to pay such workers whose employers have not contributed towards social security schemes run by the EPFO and the Employees State Insurance Corporation (ESIC) from the fixed assets or deposits of crores still lying with the appropriate authorities.

The panel noted that there have been reported instances wherein the employers have not been depositing the PF contribution deducted from the wages of the employee in the PF account, while simultaneously defaulting on their won contributions as well. It also noted that in the last two year, the EPFO has received 2497 such complaints, out of which 924 have been acted upon.

The panel also recommended that a list of defaulters should also be displayed on the website of Labour Ministry/EPFO. The panel also asked to expedite that all modalities for setting up national platform for unorganised workers and allotment of an Aadhaar seeded identification number (U-WIN) to informal sector workers.
It said that the national database of unorganised sector workers is vital for their welfare and security. 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Employee Provident Fund Organisation (EPFO)Employees State Insurance Corporation (ESIC)
RELATED NEWS
EPFO claim online: This laudable initiative launched to bring relief to members EPFO claim online: This laudable initiative launched to bring relief to members
EPFO alert! New Year gift from Modi government - Good news is here! EPFO alert! New Year gift from Modi government - Good news is here!
Good news for employees! EPF interest rate hike to 8.65 per cent approved by Finance Ministry Good news for employees! EPF interest rate hike to 8.65 per cent approved by Finance Ministry
Have provident fund (PF), but worried about your balance? See if your company is treating you right Have provident fund (PF), but worried about your balance? See if your company is treating you right
 EPFO data reveals 8.96 lakh jobs created in January, 76.48 lakh in last 17 months EPFO data reveals 8.96 lakh jobs created in January, 76.48 lakh in last 17 months

LATEST NEWS

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

Ethanol from sugar will lower dependency on Crude import, create jobs and improve earnings of farmers

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

DDA Housing Scheme 2021: Draw for allotment of flats on this DATE—Watch it live on AWAAS app

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

3 free LPG cylinders likely again for Ujjawala scheme beneficiaries

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved