Govt should implement enhanced pension EPS-95 immediately: Premachandran

New Delhi, Dec 16 (PTI) NK Premachandran (RSP) on Monday demanded that the government should immediately implement an enhanced pension scheme as approved by the Supreme Court.

On November 4, 2022, the Supreme Court ruled in favour of existing employees being able to opt for a higher pension under the Employees’ Pension Scheme (EPS), 1995.

Raising the issue during Zero Hour, Premachandran said employees are entitled to a higher pension under the EPS 1995.

Out of 17,48,775 applications for higher pensions as of August 7, 2024, EPFO has given higher pensions to only 8,401 subscribers.

He also demanded that a higher pension should be given at the earliest.

The Employee Pension Scheme 1995 (EPS 95), which the Employees’ Provident Fund Organisation introduced on November 19, 1995, is a social security initiative intended to cater to the retirement needs of employees in the organised sector.

Administered by the EPFO, this scheme guarantees pension benefits to eligible employees who reach the age of 58.

He also raised the issue with regard to the calculation of pensions and urged the government to reconsider.

Arun Govil (BJP) raised the issue of social security and standard contracts for technicians and support staff in the film and television industry.

Technicians and support actors are exploited by the producers and even contracts are in favour of producers and directors, he added.

Labour laws should be applicable to such category of employees and they should be paid overtime, Provident Fund and health benefits.

Standard contracts should be prepared and made compulsory to be signed, he said.