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Rs 1,000 per month was pending with government for a long time because an additional contribution of 0.63 per cent of basic wages was required for the purpose.
Earlier this year, Labour Ministry had made a case for increase in government's contribution to its pension scheme EPS-95 to 1.79 per cent of basic wages from existing 1.16 per cent for ensuring Rs 1,000 per month to pensioners.
The decision to fix minimum pension of Rs 1,000 would immediately benefit over 35 lakh pensioners under EPF-95. In the long run, the decision of enhancing wage ceiling would benefit over 5 crore existing subscribers of EPFO.