Centre contemplates revamping EPS-95
The Ministry of Labour & Employment is planning to revamp Employees’ Pension Scheme, 1995 (EPS-95), a senior government official told Economic Times. The move is aimed at bringing EPS-95 at par with the National Pension Scheme (NPS) to enhance the retirement options and allow EPS subscribers to make higher contributions. The official stated that various changes are being considered to make the scheme comprehensive including opening the EPS to all individuals while enhancing the minimum pension to Rs.3,000 based on the contribution by individuals. At present, all Employees’ Provident Fund Organisation (EPFO) subscribers are enrolled under EPS with contributions to the pension account capped at the wage of Rs.15,000. The changes, however, will be brought in after the implementation of the Social Security Code, 2020.