Blow for senior citizens: Labour Ministry says pension scheme won’t be linked with inflation index
The Union Labour Ministry said an expert committee has not given its nod to the move
There’s some bad news for senior citizens who were looking forward to a hike in EPS pension from Rs 1,000 to Rs 3,000.
The Union Labour Ministry said an expert committee has not given its nod to the move.
“The committee did not recommend linking the monthly pension under EPS 1995 with the cost-of-living index as according to actuarial evaluation linking EPS 1995 with price index, DA (Dearness Allowance) relief will severely affect the financial health of the pension fund,” the ministry told Parliament.
The government had constituted a committee for complete evaluation and review of EPS 1995, considering the demands of EPS 1995 pensioners.
The demand for a hike in pension amount under EPFO gained momentum after the government launched the Prime Minister Shram Yogi Mandhan for informal workers.
Download Money9 App for the latest updates on Personal Finance.
