The minimum monthly pension of Rs1,000 under EPS-95 scheme run by retirement fund body EPFO has become a reality and will immediately benefit 28 lakh pensioners who get less than this amount at present. While announcing that government is notifying the minimum pension under the Employees' Pension Scheme-1995 (EPS-95), Finance Minister Arun Jaitley also stated in his budget speech on July 10 that wage ceiling covering organised sector workers under schemes run by EPFO has been raised to Rs15,000 per month from existing Rs6,500.

"Government is fully committed to the social security and welfare of employees serving in the organised sector. The Government is notifying minimum pension of Rs1,000 per month to all subscriber members of EPS-95 scheme and has made an initial provision of Rs250 crore in the current financial year to meet the expenditure," Jaitley said. He said, "Further, increase in mandatory wage ceiling of subscription to EPS-95 from Rs6,500 to Rs15,000 has been made and a provision of Rs250 crore has been provided in the current budget."