EPFs monthly pension and wage ceiling revised

New Delhi: Wednesday, 05 Feb 0!"# $r%stees o& 'etirement &%nd body EPF( on Wednesday decided to amend the scheme to provide a minim%m monthly pension o& 's#!,000, which will immediately bene&it abo%t its ) la*h pensioners# The Central Board of Trustees (CBT), the apex decision making body of EPF , also decided on amending EPF scheme !"#$ to raise the monthly %age ceiling to &s !#,''' to cover more wor*ers %nder its vario%s social sec%rity programmes li*e Employees Provident F%nd +EPF,-cheme !.5 , Employees Pension -cheme !..5 +EP-/.5, and Employees Deposit 0in*ed 1ns%rance +ED01, -cheme !.23# 4t present, wor*ers getting basic wages, incl%ding basic pay and D4, o& %p to 's 3,500 are covered %nder the ambit o& Employees Provident F%nd (rganisation +EPF(,# 4ccording to EPF(, the Finance 5inistry has already approved the 0abo%r 5inistrys proposals &or entitlement o& minim%m monthly pension o& 's !,000 and enhancing wage ceiling to 's !5,000 per month# $he government wo%ld have to provide an additional amo%nt o& 's !, !2 crore to ens%re the minim%m pension o& 's !,000 starting 0!"/!5# Pensioners are, there&ore, e6pected to get bene&it with e&&ect &rom 4pril ! this year# $he 7entral 8oard o& $r%stees +78$,, the ape6 decision ma*ing body o& EPF(, had earlier approved the two proposals, &ollowing which the 0abo%r 5inistry p%rs%ed it with the Finance 5inistry# $he move to ens%re 's !,000 minim%m pension %nder EP-/.5 will immediately bene&it abo%t ) la*h pensioners incl%ding &ive la*h widows# $here are abo%t "" 0a*h pensioners# $he other proposal &or raising wage ceiling %nder EPF -cheme &rom 's 3,500 to 's !5,000 is e6pected to bring in 50 la*h more wor*ers %nder the ambit o& schemes r%n by EPF(# 4t present, %nder EP-/.5, the EPF( s%bscribers cease to be a member o& the pension scheme a&ter attaining the age o& 5) years and can apply &or &i6ation o& his9her pension therea&ter# :owever, there is no age bar &or contrib%ting to the EPF and ED01 schemes r%n by the EPF(#