The Employees’ Pension Scheme, 1995 came into effect from 16th November,
1995 replacing the erstwhile Employees Family Pension Scheme, 1971,
which inter-alia provides superannuation/retirement and family pension.
In order to secure a minimum pension of Rs. 1,000/- per month under
Employees’ Pension Scheme (EPS), 1995 to the member pensioners, the
present Government contribution to EPS, 1995 is required to be raised
from the existing 1.16% to 1.79% of wages thereby increasing the
Government’s present contribution from approximate Rs.990 crore per
annum to Rs.1533 crore per annum in the first year. An analysis of the
trend in the contribution made by the Central Government suggests that
the contribution of the Central Government has been increasing at an
average of 10-15% per annum over the last five years.
This information was given by Minister of State for Labour &
Employment Shri Kodikunnil Suresh in the Lok Sabha today in reply to a
written question.
