As per a leading business daily report which cited officials, the EPFO amid cash crunch has for now shelved off its plan to double pension for its around 4.5 million pensioners.
Earlier there was a proposal put forth to increase the pension amount from Rs. 1000 to Rs. 2000 on a monthly basis.
"This is now on hold. We cannot go ahead as it will burden us financially," one of the officials was quoted as saying in the report.
It also cited that doubling of pension amount would increase the expenditure of the government by Rs. 1,500 crore. Also an official from the labour ministry said that this year being the election year, the retirement fund body cannot ask for more of funding.