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EPS To Be Overhauled and New Medical Scheme For Pensioners In The Making


Labour and Employment Minister Bandaru Dattatreya told Lok Sabha on Friday that any loopholes in the existing Employees Pension Scheme (EPS) would be checked and a high-level committee shall be set up to overhaul it.

EPS To Be Overhauled and New Medical Scheme For Pensioners In The Making

Additionally, he told the Lower House of the Parliament that in collaboration with Employees' State Insurance Corporation (ESIC), the centre is aiming to work out a medical benefit policy for all of the pensioners that are EPF members. Dattatreya said, the new policy in the making shall be a contributory scheme and its details are being worked on.

"As a minister, I have directed that a complete valuation of EPS 1995 be done. I will see to it that a high-powered monitoring committee is formed and I will take cooperation from members to have a complete review of the scheme," said labour and employment minister. "We will revamp the scheme. Whatever gaps are there, will be plugged," added the minister. "The government is very sensitive and pro-worker government and all the aspects of the scheme will be looked at," Dattatreya said.

The move is part of the resolution passed by RSP leader N K Premchandran for measures to ascertain welfare of as many as 59 lakh pensioners under the EPS scheme. The minister reiterated that the scheme provides minimum pension to the employees in addition to other benefits such as housing and health.

The RSP leader also called for an increase in minimum pension amount to Rs. 3000 from the current Rs. 1000 per month under the scheme. The minister also intended execution of a welfare scheme that incorporates housing scheme by making use of unclaimed PF deposits that amount to approximately Rs 27,000 crore.


The minister further reiterated, "Members asked about the health, housing and other benefits. As far as our PF subscribers are concerned, our prime minister has launched a programme called housing-for-all. He has appealed that housing-for-all should be there by 2022." "In that perspective, EPFO is formulating a new credit- linked subsidy scheme for housing for the EPF subscribers." The ministry is mulling over a model benefit scheme in respect of health benefits to all pensioners who make a contribution to ESIC.

Story first published: Saturday, July 29, 2017, 15:16 [IST]
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