The EPF pension amount , being awarded to the private firm employees under present structure is meagre. Only a fixed amount subject to a maximum Rs.700/- (Rupees Seven hundred only) is awarded to the employee who served for 30 years in private employment. How can a retiree, survive with this meager amount of pension. It has not been revised as per the price of index as done in the case of the government employees.
When the prices are soaring up the real income of the pensioners goes down. So it is the plight of the present day private employees. While the EPF Scheme is introduced during the year 1995, there is a provision to revise the scheme after 10 years. But still the scheme is not revised.
At this juncture I wish to point out that, cost inflation index is taken into account for drawing more tax to the Exchequer,in the case of sale of properties , capital gain tax etc. Cost of Index is considered for revision of D A to the Government employees. Why the same parameter is not applied in the case of EPF Scheme amount?
So I earnestly request the Honourable Finance Minister to revise the EPF scheme under social security measures and arrange to get Rs.3000/- to Rs.5000/- as pension to private firm employees, which is revisable as per the price of index.
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