Friday, February 28, 2014

7th CPC terms. Retirement Age to 62, 10% Dearness Allowance, Rs.1000 Min Pension under EPFO: Cabinet may approve today

The Cabinet meeting, possibly the last before the model code of conduct comes into force for the Lok Sabha polls, is likely to take up hiking dearness allowance to 100%, ensuring Rs 1,000 as minimum monthly pension under the pension scheme run by retirement fund body EPFO, raising the retirement age from 60 to 62 years, ToR of the 7th Pay Commission etc. along with other welfare measures.

The cabinet will also decide on hiking dearness allowance to 100 per cent from existing 90 per cent, benefiting 50 lakh employees and 30 lakh pensioners. The hike in DA would be effective from January 1 this year.

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