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most of the middle class people retired from private sector have been getting a megre EPS pension anything between Rs.1000 & 2000 per month. This is without any increase for more than last 20 years. Why govt is not taking any care of these people? As you rightly said sir, local circles shall take this matter also to the attention of central govt, department of labour and finance more

Step motherly Treatment to retirees from Pvt Sector

Govt slashes small savings rates by up to 140 basis pts The government on Tuesday announced one of the steepest-ever cuts in small savings rates, which will see returns on the popular public provident fund deposits fall by 80 basis points to 7.1%, starting Wednesday, while the Senior Citizens Savings Scheme (SCSS2004) will see the annual interest rate drop by more than a percentage point. The reduction in Senior Citizens savings Scheme will hurt Senior Citizens, Retirees from private sector who do not get pension and Divyangjans. On one hand government has increased the Dearness Allowance rate by 4% for government pensioners, the non pensioners from private sector have been made poorer by reducing the interest rate of SCSS2004 to 7.1%. SCSS2004 was started in 2004 as a welfare scheme to provide a regular income stream to retirees from private sector who do not get pension, at interest rate of 9%. The maximum deposit allowed is Rs.15 Lakhs and interest income is taxable. After 11 years in April 2015 the interest rate was increased to 9.3% to take care of increasing prices of essential commodities, medicines and health care. As soon as NDA government came to power the interest rate of SCSS2004 was reduced to 8.3% from July 2015 causing a drop in quarterly taxable interest income of senior citizens for meeting their daily needs. After representations to PM the interest rate was increased to 8.6% and now reduced to 7.1%. This is going to make lives of senior citizens and divyangjans miserable. We request Local Circles to take up this issue with PM with a request to restore the rate to 9.3% for this welfare scheme in line with promise made in BJP Manifesto to ease living conditions of senior citizens and divyangjans.

Helpful myEPF Apr 01

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FALGUNI BANERJEE

Actually retirees from Pvt sector have accepted the system. Govt does not change the rule/policy unless it is made an election issue. Circle may conduct survey on the above and based on the report may take up with GOI. However, industrialists in the Pvt sector which pays huge amount in party fund will object to change, because the present system benefits both GOI and Pvt sector. Employee will come and go. more

Nov 24

Premchand Ravipalli

My last company isnt responding to my PF withdrawl request emails its linked to TRUST more

Apr 16

Shibdas Mallick

EPFO pension (EPS) is nothing but a money making machine for Govt. They give some pension just like interest based on your deposited amount in pension fund. The main catch is death of any person first the same is reduced to half for the wife and NIL after death of wife thus full money goes to Govt. more

Apr 06

BALA NAGESWARA RAO PAKINA

Yes, this is a very valid and genuine issue brought up now and needs immediate attention of the Govt. more

Apr 03

Yogesh Chhabra

If any one of us knows the LAW & how it can be present to the concern authorities. Rest after that, if need personal contributions , we can fight for our objective. more

Apr 03

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