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In a decision that comes as a relief to 32 lakh pensioners in the organised sector, the Union Cabinet on Wednesday cleared the ₹1,000 minimum monthly pension scheme in perpetuity.
The scheme had been put on hold by the Employees Provident Fund Organisation from April 1, 2015 pending government clearance, leading to protests by workers’ representatives.
The Cabinet gave its approval for continuation of the minimum pension of ₹1,000 per month to the pensioners of Employees’ Pension Scheme, 1995, (EPS) beyond 2014-15 on a perpetual basis.
Currently, it is effective only up to March 2015, an official release said.
The Cabinet also approved a corresponding grant of continuous annual budgetary support of ₹850 crore a year for the minimum pension, on a tapering basis, the release added.
The scheme for giving ₹1,000/month was announced by the previous UPA government but could not be implemented because of the code of conduct for the general elections in 2014.
In September last year, Prime Minister Narendra Modi had announced at a rally in Bengaluru that the scheme would become effective from October 1, 2014.
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