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Rajya Sabha
Retirement Benefits in one form or the other are available to only 13 per cent of the working population of the country.
Government has already implemented a new restructured defined contribution pension scheme, namely, the New Pension System (NPS) for all Central Government recruits (excluding Armed Forces, in the first stage) with effect from January 1, 2004. The NPS will also be available on a voluntary basis to all persons including self-employed professionals and other 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 March 31, 2004 there were 280.90 lakh members under the Employees’ Pension Scheme, 1995.
This information was given by the Minister of Labour and Employment, Shri K. Chandrasekhar Rao in a written reply in Rajya Sabha.
MLD :LK/labour-78(emigration) Aug 4.
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