EPFO New Pension Plan: People will Get a Monthly Pension of 3000 Rs

Employees’ Provident Fund Organization (EPFO) is preparing to give big gifts to the unorganized sector i.e. daily wage and small-scale workers.

These laborers can be included in the proposed pension scheme of EPFO.

The Employees’ Provident Fund Organization can increase the coverage of its pension plan.

It is based on individual contribution, which ensures that every employee gets a min pension of Rs 3,000 per month after the age of 60 years.

There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme.

The minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years.

This amount will have to be deposited for a minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited.