Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
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        LATEST NEWS UPDATES | Govt push for Rs. 1,000 monthly pension plan-Vivek Sinha    </title>
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-The Hindustan Times





The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and..."/>
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-The Hindustan Times





The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and..." />
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                            <div style="text-align: justify"><br /></div><div style="text-align: justify">-The Hindustan Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and medium enterprises with higher retirement benefits. Under the EPS 95 scheme, which has been in operation since 1995, a part of the employees&rsquo; provident fund contributions are set aside into a separate corpus which they can claim as pension after retirement, either as a lump sum or as a monthly payment.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The amended scheme, for which the labour ministry has moved a cabinet note, would imply that the Centre may have to subsidise the fund through a budgetary grant to raise the pension level for all those who, as per their contributions, are eligible for a much lower payout.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Alternatively, it may have to adopt a model of a rolling debt by which it pays new retirees by dipping into the pool of &nbsp;high-income savers who have several years to reach the age of superannuation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">About 3.6 million individuals currently draw their pension from this scheme that has a corpus of Rs. 1.95 lakh crore. Of them, 83% or nearly 3 million draw a pension of less than Rs. 1,000.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">More than a quarter (27%) or 972,000 of the eligible pensioners are engaged in seasonal manufacturing sectors such as bidi-making units, tea gardens, mining and quarrying activities with pension entitlements below Rs. 500 a month. In some cases, the pension entitlements are as low as Rs. 4 per month.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;EPS is a contributory fund, and low pensions mean that the monthly contributions by a member to the fund have been extremely low,&rdquo; a labour ministry official told HT, explaining low-pension entitlements.</div><div style="text-align: justify">&nbsp;</div><div style="text-align: justify">Dipping into the pool of high-income younger savers to subsidise current low-income retirees, however, carries the risk of creating a fragile financial structure.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;If the proposal of a minimum Rs. 1,000 per month sails through, then their monthly pension will have to come from the amounts deposited by other employees,&rdquo; the official said.</div>                                                           
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The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and..."/>
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The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and..." />
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    <h1 class="cat-box-title">Govt push for Rs. 1,000 monthly pension plan-Vivek Sinha</h1>
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                            <div style="text-align: justify"><br /></div><div style="text-align: justify">-The Hindustan Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and medium enterprises with higher retirement benefits. Under the EPS 95 scheme, which has been in operation since 1995, a part of the employees&rsquo; provident fund contributions are set aside into a separate corpus which they can claim as pension after retirement, either as a lump sum or as a monthly payment.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The amended scheme, for which the labour ministry has moved a cabinet note, would imply that the Centre may have to subsidise the fund through a budgetary grant to raise the pension level for all those who, as per their contributions, are eligible for a much lower payout.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Alternatively, it may have to adopt a model of a rolling debt by which it pays new retirees by dipping into the pool of &nbsp;high-income savers who have several years to reach the age of superannuation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">About 3.6 million individuals currently draw their pension from this scheme that has a corpus of Rs. 1.95 lakh crore. Of them, 83% or nearly 3 million draw a pension of less than Rs. 1,000.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">More than a quarter (27%) or 972,000 of the eligible pensioners are engaged in seasonal manufacturing sectors such as bidi-making units, tea gardens, mining and quarrying activities with pension entitlements below Rs. 500 a month. In some cases, the pension entitlements are as low as Rs. 4 per month.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;EPS is a contributory fund, and low pensions mean that the monthly contributions by a member to the fund have been extremely low,&rdquo; a labour ministry official told HT, explaining low-pension entitlements.</div><div style="text-align: justify">&nbsp;</div><div style="text-align: justify">Dipping into the pool of high-income younger savers to subsidise current low-income retirees, however, carries the risk of creating a fragile financial structure.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;If the proposal of a minimum Rs. 1,000 per month sails through, then their monthly pension will have to come from the amounts deposited by other employees,&rdquo; the official said.</div>                                                           
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        LATEST NEWS UPDATES | Govt push for Rs. 1,000 monthly pension plan-Vivek Sinha    </title>
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-The Hindustan Times





The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and..."/>
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-The Hindustan Times





The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and..." />
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    <h1 class="cat-box-title">Govt push for Rs. 1,000 monthly pension plan-Vivek Sinha</h1>
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                            <div style="text-align: justify"><br /></div><div style="text-align: justify">-The Hindustan Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees&rsquo; Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and medium enterprises with higher retirement benefits. Under the EPS 95 scheme, which has been in operation since 1995, a part of the employees&rsquo; provident fund contributions are set aside into a separate corpus which they can claim as pension after retirement, either as a lump sum or as a monthly payment.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The amended scheme, for which the labour ministry has moved a cabinet note, would imply that the Centre may have to subsidise the fund through a budgetary grant to raise the pension level for all those who, as per their contributions, are eligible for a much lower payout.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Alternatively, it may have to adopt a model of a rolling debt by which it pays new retirees by dipping into the pool of &nbsp;high-income savers who have several years to reach the age of superannuation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">About 3.6 million individuals currently draw their pension from this scheme that has a corpus of Rs. 1.95 lakh crore. Of them, 83% or nearly 3 million draw a pension of less than Rs. 1,000.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">More than a quarter (27%) or 972,000 of the eligible pensioners are engaged in seasonal manufacturing sectors such as bidi-making units, tea gardens, mining and quarrying activities with pension entitlements below Rs. 500 a month. In some cases, the pension entitlements are as low as Rs. 4 per month.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;EPS is a contributory fund, and low pensions mean that the monthly contributions by a member to the fund have been extremely low,&rdquo; a labour ministry official told HT, explaining low-pension entitlements.</div><div style="text-align: justify">&nbsp;</div><div style="text-align: justify">Dipping into the pool of high-income younger savers to subsidise current low-income retirees, however, carries the risk of creating a fragile financial structure.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;If the proposal of a minimum Rs. 1,000 per month sails through, then their monthly pension will have to come from the amounts deposited by other employees,&rdquo; the official said.</div>                                                           
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Home हिन्दी

Govt push for Rs. 1,000 monthly pension plan-Vivek Sinha

Published on Jun 25, 2012   Modified on Jun 25, 2012

-The Hindustan Times The labour ministry has proposed a minimum pension of Rs. 1,000 a month for all those who subscribe to the Employees’ Pension Scheme (EPS). If implemented, the move will benefit nearly 3 million workers engaged in small and medium enterprises with higher retirement benefits. Under the EPS 95 scheme, which has been in operation since 1995, a part of the employees’ provident fund contributions are set aside into a separate corpus which they can claim as pension after retirement, either as a lump sum or as a monthly payment. The amended scheme, for which the labour ministry has moved a cabinet note, would imply that the Centre may have to subsidise the fund through a budgetary grant to raise the pension level for all those who, as per their contributions, are eligible for a much lower payout. Alternatively, it may have to adopt a model of a rolling debt by which it pays new retirees by dipping into the pool of  high-income savers who have several years to reach the age of superannuation. About 3.6 million individuals currently draw their pension from this scheme that has a corpus of Rs. 1.95 lakh crore. Of them, 83% or nearly 3 million draw a pension of less than Rs. 1,000. More than a quarter (27%) or 972,000 of the eligible pensioners are engaged in seasonal manufacturing sectors such as bidi-making units, tea gardens, mining and quarrying activities with pension entitlements below Rs. 500 a month. In some cases, the pension entitlements are as low as Rs. 4 per month. “EPS is a contributory fund, and low pensions mean that the monthly contributions by a member to the fund have been extremely low,” a labour ministry official told HT, explaining low-pension entitlements.   Dipping into the pool of high-income younger savers to subsidise current low-income retirees, however, carries the risk of creating a fragile financial structure.  “If the proposal of a minimum Rs. 1,000 per month sails through, then their monthly pension will have to come from the amounts deposited by other employees,” the official said.

The Hindustan Times, 25 June, 2012, http://www.hindustantimes.com/News-Feed/BusinessBankingInsurance/Govt-push-for-Rs-1-000-monthly-pension-plan/Article1-878382.aspx

Tagged with: Pension Social Security

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