Proposal for doubling minimum pension to Rs 2,000 sent to finance ministry: Gangwar

New Delhi: Labour Minister Santosh Kumar Gangwar on Tuesday said that the proposal of doubling monthly pension for EPF subscribers from Rs 1,000 to Rs 2,000 has been sent to finance ministry.

Employees’ Provident Fund Organisation (EPFO) had started providing entitlement of minimum monthly pension of Rs 1,000 to its over 50 lakh pensioners from September 1, 2014.

The retirement body has also extended the term of 5 fund managers and its consultant Crisil till March 31, 2019.

Gangwar had last month said that as many as 1 crore employees were added afresh to avail the benefits of Employees' State Insurance Corporation (ESIC) schemes and more than 1 crore people came under the fold of the EPFO.

He said the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) launched by his government is showing good results as more employers are encouraged to employ more people.

Under PMRPY, the government pays employer's full contribution towards EPF and EPS from April 1, 2018 for new employment for the initial three years.

Before April this year, the benefit was applicable for employer's contribution towards EPS only. The scheme was announced in Budget 2016-17.

(Reporter Inputs: Prakash Priyadarshi, PTI Inputs)