Daily wage labourers will also get pension, will get so many thousand rupees every month
EPFO Pension Scheme: Now daily wage workers and small-time workers will also get pensions. These labourers can be included in the proposed pension scheme of EPFO. Every employee should get a minimum pension of Rs 3,000 per month after the age of 60 years.
Employees' Provident Fund Organization (EPFO) is now preparing to give a big gift to the daily wage workers and the labourers doing small jobs. Now, these labourers will be included in the proposed pension scheme of EPFO. This organization is planning to increase the coverage of its pension scheme. Which is proposed to be based on individual contribution. All the employees will be given a pension of at least 3 thousand rupees per month after the age of 60 years.
EPFO will name this proposed scheme as Universal Pension Scheme. It is being told that the present Employees Pension Scheme 1995 aims to solve various challenges. Under which there is no coverage for employees earning more than Rs 15,000 per month. There will be a provision for a simple pension amount for them.
In the new scheme of EPFO, there will be provisions for retirement pension, widow pension, children's pension and disability pension. The minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If an employee dies before the age of 60 years, then a pension will be given to the family under the Universal Pension Scheme.
Under this scheme, a total of Rs 5.4 lakh will have to be deposited for a minimum pension of Rs 3000 every month. A committee set up by the Central Board of Trustees, the highest decision-making body of EPFO, said EPFO members can also opt for higher contributions voluntarily. You can deposit a large amount for a higher pension. All employees have 12 percent of their basic salary deposited in the EPF scheme.