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consideration of the government”.
The hike in the pension and cost of higher interest pay outs would have an impact of about Rs 2,800 crore on the EPS. North Block has opted to give an annual top-up to its subsidy to help finance the Rs 1,000 monthly pension. The labour ministry had earlier suggested increasing the subsidy payout from 0.63 per cent but this was shot down. The current wage limit for mandatory contribution to the EPFO is lower than the minimum wage level in most states.
* Oscar Fernandes, who has been given additional charge of the labour ministry, is understood to have agreed to call a meeting of Central Board of Trustees in of January to finalise the package
* The govt is also likely to hike the minimum wage ceiling to Rs 15,000 per month and also pay a fixed monthly pension of Rs 1,000 to subsrcibers to the Employees’ Pension Scheme