Govt may double minimum pension

New Delhi, June 25: Here is the Good news for the people as The Employees' Provident Fund Organisation (EPFO) is expected to soon give its go-ahead to the proposal of doubling monthly pension for EPS subscribers to Rs 2,000.

The move, if implemented, could benefit lakhs of pensioners, but it would also cost the government a sizable additional expense.

A three-member committee, constituted by the labour ministry three months ago, is of the opinion that the existing pension of 1,000 per month is too low. Though a final decision is yet to be taken, there is a strong view that worker's minimum pension needs to go up.

"We have discussed that the minimum pension should be between 2,000 to 5,000 instead of the present 1,000," said Ravi Wig, one of the members of the labour ministry-constituted committee on pension.

"The committee has suggested that the government should immediately announce 2,000 as minimum pension. The further enhancement up to 5,000 can be debated and arrived at over time. The government has a responsibility and, I think, the poor workers should be provided with an enhanced pension," said Wig, who is also a central board member of the Employees Provident Fund Organisation, or EPFO

This would benefit at least 40 lakh subscribers and cost the Centre a minimum Rs 3,000 crore per annum.