47 lakh EPS-95 pensioners get less than ₹9,000 monthly: Govt data

The total number of active member pensioners under the Employees' Pension Scheme 1995 (EPS-95) receiving a pension of less than ₹9,000 is 47.04 lakh, Parliament was informed on Monday.

According to the Employees' Provident Fund Organisation (EPFO) dashboard, the total number of current pensioners under EPS-95 is 82,11,182.

In a written reply to the Lok Sabha, Minister of State for Labour and Employment Shobha Karandlaje stated, "The total number of active member pensioners under EPS-95 receiving a pension of less than ₹9,000 is 47,04,270."

She added that representations have been received from various stakeholders, including trade unions and public representatives, to increase the minimum pension under the scheme from the existing ₹1,000 per month.

Employees' Pension Scheme, 1995 is a 'Defined Contribution-Defined Benefit' social security scheme.

The corpus of the Employees' Pension Fund consists of contributions by the employer at the rate of 8.33 per cent of wages, and 1.16 per cent contribution from the central government on wages up to ₹15,000 per month.

All benefits under the scheme are paid out of this fund, the minister stated.

The fund is valued annually, as mandated under paragraph 32 of EPS, 1995, to determine its long-term viability, considering expected inflows from contributions and outflows for benefits, the minister explained.

The Government of India is committed to providing robust social security coverage through the EPF Scheme, 1952, EPS-95, and EDLI Schemes, taking into account both the sustainability of the respective funds and future liabilities, she said.