Bringing relief to 32 lakh pensioners in the organised sector, the government has cleared the Rs. 1,000 per month minimum pension scheme in perpetuity. The scheme had been put on hold by the EPFO from April, 2015 pending government clearance, leading to protests by the workers’ representatives. It also approved a corresponding grant of continuous annual budgetary support for implementing the minimum pension bill of Rs. 850 crore a year on a tapering basis.
The scheme for giving Rs. 1, 000/month was announced by the previous UPA government but could not be implemented due to the election code of conduct.