The Standing Committee of Parliament has directed the Ministry of Labor to evaluate the Employees Pension Scheme (EPS) from third party to the end of the year 2025. Its aims to make proper assessment, stability and better better evaluation of the ambitious Employees Pension Scheme (EPS) for the formal organization of the Central Government.
The latest report presented in Parliament said, ‘It has been evaluating from third party after nearly 30 years of this scheme. Therefore, the committee emphasized that the assessment should be completed within the stipulated time. Priority should be given that the evaluation should be completed by the end of 2025.
The EPS started from November 1995 and the plan is managed by the Employees Future Nidhin Sangathan (EPFO). Labor economist KR Shyam Sundar said that most of the members of EPS have low salary. This has limited his contribution to pension in working age.
He said that due to stability in salary and increase in inflation during the lifetime of the employee, there is a very small fund and this brings less pension. Hence it is necessary that evaluation is done in a timely manner. This evaluation is a welcome step.
The committee has also asked the Ministry of Labor to resolve the issue of increasing the recent minimum pension of Rs 1000. This is ‘immediate consideration’ for the concerned pensioners and their family members.
According to the report of the Parliamentary Committee, the cost of living has increased due to several reasons between 2014 and 2014. Therefore, this amount is needed seriously to increase this amount immediately.
First Published – April 16, 2025 | 10:47 pm IST
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