Formation of 8th Pay Commission: Five times hike in EPFO ​​pension, key demands before Budget 2025

Formation of 8th Pay Commission

Formation of 8th Pay Commission

Formation of 8th Pay Commission : The budget for the financial year 2025-26 will be presented on February 1. Before that, Finance Minister Nirmala Sitharaman is meeting with representatives of various sectors. In this connection, a meeting was held with labor organizations on Monday.

Finance Minister Nirmala Sitharaman

EPFO pension five times, formation of Eighth Pay Commission… Who made this demand before the budget

New Delhi: Finance Minister Nirmala Sitharaman will present the budget for the financial year 2025-26 on February 1. Before that, she is meeting with representatives of various sectors. In this connection, she held a meeting with labor organizations on Monday. Labor organizations on Monday demanded to increase the minimum pension under EPFO 5 times in the budget for the financial year 2025-26, immediate formation of Eighth Pay Commission and levy more tax on super rich people.

Pre-Budget meeting with Sitharaman

In their traditional pre-budget meeting with Sitharaman, trade union leaders also demanded to increase the income tax exemption limit to Rs 10 lakh per annum, bring a social security scheme for temporary employees and restore the Old Pension Scheme (OPS) for government employees. SP Tiwari, national general secretary of Trade Union Coordination Centre (TUCC), told reporters after the meeting that the government should stop the move to privatise public sector undertakings and levy an additional two per cent tax on the super-rich to raise social security funds for unorganised sector workers. He also demanded social security for workers employed in the agriculture sector and fixing their minimum wages.

Formation of 8th Pay Commission

EPFO pension

Bhartiya Mazdoor Sangh’s organising secretary (northern region) Pawan Kumar said the minimum pension payable under the Employees’ Pension Scheme, 1995 (EPS-95) should first be increased from Rs 1,000 per month to Rs 5,000 per month and then VDA (variable dearness allowance) should be added to it. He also suggested that the income tax exemption limit should be raised to Rs 10 lakh. Along with this, he also demanded the government to exempt pension income from tax. Kumar also said that the Eighth Pay Commission should be constituted immediately to revise the pay structure of government employees.

Supporting this demand, Swadesh Dev Roy, national secretary of the trade union Centre of Indian Trade Unions (CITU), said that more than 10 years have passed since the formation of the Seventh Pay Commission in February 2014. Dev Roy expressed concern over the sharp decline in the number of permanent employees in central public sector undertakings. He said that in the 1980s, there were 21 lakh permanent employees in these undertakings, but in 2023-24 this number has come down to a little over 8 lakh.

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Separate budget

EPFO pension five times, formation of Eighth Pay Commission… Who made this demand before the budget. Separate budget allocation Deepak Jaiswal, national president of National Front of Indian Trade Unions (NFITU), demanded separate budget allocation for Employees Provident Fund (EPF) and Employees State Insurance Corporation (ESIC) to provide social security benefits to workers in the unorganized sector.

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