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Rajya Sabha
Retirement Benefits in one form or the other are available to only about 13% of the working population of the country.
Government has already implemented a new restructured defined contribution pension scheme, namely, New Pension System (NPS) for all Central Government recruits (excluding Armed Forces, in the first stage) with effect from 01.01.2004. The NPS will also be available on a volunatary basis to all persons including self-employed professionals and others in the unorganized sector. State Governments may also opt to join the new system as and when they desire.
As regard to Employees’ Pension Scheme, 1995, benefits of pension are available to all the eligible employees of an establishment to which the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 applies.
As on 31.3.2004 there were 280.90 lakh members under the Employees’ Pension Scheme, 1995.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question raised by Shri Sanjay Raut in Rajya Sabha today.
BSC/BY/GN-316/05
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