• ‘My Story’ by Com. Jyoti Basu
  • About
  • Settlement of Medical Bills of Pensioners
  • Historic Victory!
  • Disclosure Policy

VAN Namboodiri's Blog

~ Welcome to V.A.N. Namboodiri's blog…

VAN Namboodiri's Blog

Tag Archives: EPS

Govt. releases Rs. 2,000 crore to Employees Pension Scheme(EPS)

03 Thursday Sep 2015

Posted by VAN NAMBOODIRI in General

≈ Leave a comment

Tags

EPS, Minimum Pension

The government has paid Rs. 2,000 crore to the Employees Pension Scheme (EPS), to enable it to pay a minimum Pension of Rs. 1,000 to all those covered by the Scheme. About 50% of the existing pensioners under EPS were getting below Rs. 500 only as monthly pension.After the continuous demand of the Central Trade Unions, it was assured last year that at least a minimum pension of Rs.1,000 will be paid to all covered under the EPS. It is towards this that the amount has been released by the government.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Cabinet Note prepared for Minimum Pension of Rs. 1,000.

15 Wednesday Apr 2015

Posted by VAN NAMBOODIRI in AIBDPA - BSNL DOT Pensioners, General

≈ Leave a comment

Tags

EPS, Minimum Pension

The strong protest from the Central Trade Unions has compelled the government to take immediate action for the restoration of Rs. 1,000 as Minimum Pension  to those in the EPS Scheme. Many of these EPS subscribers were  getting much less than Rs.1,000 as pension. After  sustained efforts of the trade unions, the government increased the minimum pension to Rs. 1,000 but for one year only, which is over by March 2015. The protest from the CTUs has some result. A cabinet note is being prepared for issue of orders for Rs. 1,000 as Minimum Pension in perpetuity. The orders should be issued before 30th April so that the existing  pension is not reduced.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

CITU Protests against suspension of Rs. 1,000 Minimum Pension.

10 Friday Apr 2015

Posted by VAN NAMBOODIRI in General, TU News - India

≈ Leave a comment

Tags

EPS, Minimum Pension

New Delhi, Apr 10 The Centre of Indian Trade Unions (CITU) today registered a protest against Employees Provident Fund Organisation’s (EPFO) move to suspend the minimum pension of Rs 1000 and asked the NDA government to continue with the scheme proposed during the previous dispensation.

The UPA government had taken the decision to increase the minimum pension to Rs 1,000 for pensioners and widow pensioners under the Employees Pension Scheme 1995.

But, the retirement fund body’s has decided to suspended the minimum monthly pension scheme from this month, which will hit about 32 lakh pensioners.

“EPFO has issued circulars putting on hold the minimum pension. The CITU registers its strongest protest against this action of EPFO and Government of India,” CITU President A K Padmanabhan said in a statement.

Padmanabhan said the NDA government had in September 2014 decided to go ahead with implementation of the UPA dispensation’s scheme, but only uptil March 2015. The scheme sought to hike the pension amount to a flat Rs 1,000 per month for those who were getting lower amount earlier.

“Trade unions had at that time itself objected to this, pointing out that this limited order will be used against workers by stopping it at the will of the government. But, Government had assured it will not be stopped.

“The circular issued now by EPFO has raised serious concern among workers and pensioners on the intentions of the government, as it comes in the background of various retrograde changes proposed in EPF Schemes by it,” Padmanabhan alleged.

He asked the Centre to immediately issue orders for continuing with the minimum pension scheme.

The CITU also urged trade unions, workers and pensioners organisations to raise their voice of protest against this “unwanted” delay in the issuance of orders for continuation of the minimum pension.

 

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Cabinet approved Rs.1,000 as Minimum Pension

28 Friday Feb 2014

Posted by VAN NAMBOODIRI in AIBDPA - BSNL DOT Pensioners

≈ Leave a comment

Tags

000, EPS, Minimum Pension, Rs.1

The meeting of the Cabinet held today, 28 February, has approved the proposal of the EPFO to fix the Minimum Pension as Rs. 1,000. This will benefit 28 lakh pensioners, who are at present getting less than Rs. 1,000 as pension. In certain cases, the pension is as low as Rs.10.These pensioners are part of the Employees Pension Scheme whose total number will be about 44 lakhs.
It is reported that the government will have to provide an additional grant of Rs. 1,217 crores to EPFO for implementation of the new decision.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Minimum Pension increased to Rs. 1,000

25 Saturday Jan 2014

Posted by VAN NAMBOODIRI in TU News - India

≈ 2 Comments

Tags

Eligibility, EPS, Minimum Pension

It is reported that the government has decided to increase the minimum pension to Rs.1,000 for the pensioners under Employees Pension Scheme.This was a demand of the Central Trade Unions. At present many are getting pension less than Rs.500; even some are getting Rs.10 or Rs.20 per month.

It is also reported that the government had decided to increase the eligibility wage ceiling under EPF scheme from Rs. 6,500 to Rs. 15,000/-

We welcome the above decisions which have been the longstanding demands of the trade unions on which many struggles have been organised by the CTUs.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

New Pension Scheme Worse than EPS

09 Wednesday Oct 2013

Posted by VAN NAMBOODIRI in PSU

≈ Leave a comment

Tags

Benefits, EPFO, EPS, NPS

New Pension System worse than EPS

Union Finance Secretary wrote to the Union Labour Secretary suggesting to encourage subscribers of Employees Pension Scheme (EPS) to shift to the New Pension Scheme (NPS) claiming NPS as a better substitute to EPS, NPS being ‘self-sustaining’ with ‘decent returns’ and ‘adequate pension wealth’ and “The government would be free from any open ended and financially unsustainable liability of EPS.

The Employees’ Provident Fund Organisation (EPFO) disagreed with the Finance Ministry’s proposal stating that return under EPS for May 2009 – May 2013 period would be 10.47% which is higher than the return under NPS; and EPS providing social security for lower income group in old age; pension to widows, children and dependents in case of death of the subscriber; many interim benefits; with provision of withdrawing self contribution in EPF. There is 15 years lock-in period in NPS. EPS subscribers get bonus of two years on completion of 20 years of service and there is provision of commutation or part withdrawal which are not available in NPS. EPS’ corpus stood at Rs 1.83 lakh crore wih 5 crore subscribers as against NPS corpus of Rs 29,852 crore with little over 47.70 lakh subscribers as on March 31, 2013. EPFO manages PF corpus of Rs 3.7 lakh crores plus Rs 1.83 lakh crore pension fund. (From: the Hindu, 6 August 2013/ Working Class)

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Unions Oppose proposal to change of EPS to NPS

11 Sunday Aug 2013

Posted by VAN NAMBOODIRI in TU News - India

≈ Leave a comment

Tags

EPF, EPS, NPS, Unions

PTI
New Delhi, Aug 11 Trade unions have decided to oppose finance ministry’s proposal to offer the New Pension System (NPS) to the retirement fund body EPFO’s subscribers who are covered under Employees’ Pension Scheme-1995 (EPS-95).

The Finance Ministry has said the NPS scheme provides better returns than EPS-95 run by the Employee’s Provident Fund Organisation (EPFO) at present.

“Whenever this proposal will be taken up in the trustees’ meet, we will oppose it,” Hind Mazdoor Sabah Secretary and member of the EPFO’s apex decision making body, Central Board of Trustees, A D Nagpal told PTI.

Another Trustee and President of Indian National Trade Union Congress G S Reddy said, “We want to continue with the EPS-95 scheme. We don’t want to give any such option to subscribers.”

Another trustee and All India Secretary of Bhartiya Mazdoor Sangh ,Virjesh Upadhyay, also opposed it and said,”This has not come to us for discussion. But we will certainly oppose this.”

Earlier, disagreeing with the proposal, EPFO has already written a letter to the Labour Secretary explaining its position.

Financial Services Secretary has put up the proposal for NPS before the Labour Secretary.

“If we take the return of EPS as indicative return on the fund managed under EPS, then the annualised return for the period May 2009 to May 2013 will be 10.47 per cent, which on the face of it is higher than the return declared by NPS in its scheme for central government”, EPFO has said

Finance Ministry has written to the Labour Ministry saying: “The subscribers (of EPS) may be given an option to either remain with EPS or join NPS with the same contribution.”

The finance ministry has argued that NPS, which is self sustaining pension system, could be a good substitute for EPS and would be beneficial for subscribers as they would get decent returns and adequate pension wealth.

Moreover, the Finance Ministry said, “The government would be free from any open ended and financially unsustainable liability of EPS…”

Disagreeing with the contention, EPFO has said that EPS-95 provides social security for lower income group people in their old age. In addition, it also provides pension to widow, children and dependents in case of death of the subscriber.

Under the EPS scheme, many interim benefits are provided.

Subscribers can withdraw their contribution towards pension while withdrawing his or her EPF money. There is a lock in period of 15 years in NPS.

EPS’s corpus size stood at Rs 1.83 lakh crore as on March 31, 2013. Under the NPS, total corpus was at Rs 29,852 crore as on March 31, 2013 with a subscribers’ base of 47,70,507 members.

Currently central government employees are covered under the NPS while it is also available for individuals opting for it.

Share this:

  • Facebook
  • Twitter
  • Print
  • Email

Like this:

Like Loading...

Welcome to my blog…

Welcome to my personal blog. Kindly let me know your comments and suggestions...

Blog Stats

  • 1,553,122 hits till today

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3,341 other subscribers

Facebook link

Facebook link

Flag Counter (Latest)

free counters

Tag Cloud

78.2% 78.2% IDA AIBDPA Air india black money Bonus BSNL BSNLCCWF BSNLEU BSNL for Better Service BSNL strike Casual labour CEC CG employees CITU closure CMD CMD BSNL Contract workers corruption CPI(M) Cuba death anniversary Defence Delhi Dharna Disinvestment DOT EPF EPFO FDI Forum Gratuity Greece India India corruption Kerala Left Parties Merger Minimum Wage MTNL National convention NCCPA NPA opposition Palestine Parliament. Parliament March penalty pension Pensioners privatisation Protest PSU PSU Banks PSUs Railways Revival of BSNL Save BSNL SBI SC Spectrum Spectrum Auction strike Telecom Telecom TU Movement Tower company TRAI US VII CPC Vodafone W.Bengal Wage revision wages WFTU

Categories

  • 2G Scam Corruption
  • AIBDPA – BSNL DOT Pensioners
  • AUAB
  • B.N.Ghosh Book
  • BSNL
  • BSNL – Better Service to the Nation
  • BSNL News
  • BSNLCCWF – Casual and Contract workers
  • BSNLEU
  • CG Employees
  • CITU
  • coal gate scam
  • Corruption
  • CTU
  • Disinvestment
  • Forum
  • General
  • General Elections 2014
  • History
  • IDA
  • Independence Struggle
  • India Left
  • Kerala
  • Kerala floods
  • Kerala LDF Government
  • Left News
  • Membership Verification
  • NCCPA
  • Neo-liberal policy
  • News
  • Obituary, Tributes
  • P&T TU History
  • P&T TU Movement
  • Parliament
  • Pension
  • Politics India
  • Post
  • Postal Service
  • Price Rise
  • privatisation
  • PSU
  • Railway
  • Railway
  • SAVE BSNL CAMPAIGN
  • SCFWA
  • Spectrum
  • Sustained struggles
  • Telecom
  • Telecom TU Movement 1991-2015
  • Train Journeys
  • TU News
  • TU News – India
  • TU News – International
  • TU News – Telecom specific
  • TUI of P&R
  • TUI of Pensioners and Retirees
  • Uncategorized
  • VII CPC
  • VII Membership Verification
  • VISIT THE PAST
  • Wage Revision BSNL – 2017
  • WFTU
  • Women
  • WORLD NEWS

Blogroll

  • BSNLEU CHQ Website

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • July 2010

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

Pages

  • ‘My Story’ by Com. Jyoti Basu
  • About
  • Disclosure Policy
  • Historic Victory!
  • Settlement of Medical Bills of Pensioners
  • RSS - Posts
  • RSS - Comments

Create a free website or blog at WordPress.com.

  • Follow Following
    • VAN Namboodiri's Blog
    • Join 489 other followers
    • Already have a WordPress.com account? Log in now.
    • VAN Namboodiri's Blog
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: