The number of people receiving government support for the minimum monthly pension of ₹1,000 under the Employee Pension Scheme (EPS) may have increased for a third year in a row in FY24, the data gathered from the latest annual report of the labour ministry shows.
Experts say this increase in beneficiaries is owing to stagnation in wages of workers and high inflation, leading to lower contributions from subscribers, thus necessitating government contribution.
The data shows the number of pensioners receiving government support is projected to have risen by nearly 4 per cent to 2.13 million in FY24 from 2.05 million in FY23.
This story is from the September 09, 2024 edition of Business Standard.
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This story is from the September 09, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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