The much-awaited minimum monthly pension of Rs1,000 and a higher wage ceiling of Rs15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
The government's decision to fix pension entitlement of Rs1,000 under the Employees' Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who get less than this amount at present.
The move to enhance the minimum wage ceiling for becoming a subscriber of Employees' Provident Fund Organisation to Rs15,000 per month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.
"The government has notified enhancement of wage ceiling to Rs15,000 per month, fixed minimum monthly pension at Rs1,000 under EPS-95 and enhanced the maximum sum assured.