Dear All, All of us are aware that Finance Minister has announced in the budget address that minimum pension will be paid @ Rs 1,000/ per month under the Pension Scheme 1995. It indicates that those who have retired in the past and have been drawing pension less than Rs 1,000/ pm will receive a minimum pension of Rs 1,000/ pm.
Henceforth, it has been announced that minimum pension will be Rs 1,000/ pm under the said scheme. In addition to the above, the Finance Minister also has declared that salary/wages ceiling on which PF contribution is paid, will be raised from Rs 6,500/ (basic & da) pm to Rs 15,000/ (basic & da) pm.Consequent to the above,the employer will have to bear additional cost towards Employer's contribution.
There has been no mention as to the effective date for implementation of the above proposals in the budget speech of Finance Minister.
In view of the above, we are to follow the notification to be issued by EPFO, on the above subject,declaring the date for implementation. attribution