Trade Unions Push for Enhanced EPFO Pension and Social Security Measures

In a significant move, Indian trade unions have called for a fivefold increase in the minimum Employees' Provident Fund Organisation (EPFO) pension to Rs 5,000 per month. This demand was highlighted during a pre-budget meeting with Finance Minister Nirmala Sitharaman, alongside calls for the immediate establishment of the 8th Pay Commission and higher taxes on the super-rich.

Union leaders also advocated for an increase in the income tax exemption limit to Rs 10 lakh per annum, the introduction of a social security scheme for gig workers, and the restoration of the old pension scheme for government employees. S P Tiwari, the national general secretary of TUCC, emphasized the need for the government to halt the privatization and corporatization of PSUs and to impose an additional 2% tax on the super-rich to fund social security for informal workers.

Furthermore, the unions proposed that agricultural workers should be granted social security benefits and that their minimum wages should be standardized. These proposals aim to address the growing concerns over the welfare and financial security of workers across various sectors in India.