Trade unions demand 8th Pay Commission, five-fold increase in EPS

New Delhi: Trade unions on Monday called for an immediate constitution of the 8th Pay Commission, increasing the minimum EPFO pension from Rs 1,000 to Rs 5,000 per month and imposition of higher taxes on the super rich.

In a pre-budget consultation meeting chaired by Finance Minister Nirmala Sitharaman, representatives of trade unions also pitched for increasing the income tax exemption limit to Rs 10 lakh per annum.

The government should impose an additional 2% tax on the super-rich to fund social security for informal workers, National General Secretary of Trade Union Co-ordination Centre S P Tiwari told reporters after the meeting.

Bharatiya Mazdoor Sangh Organising Secretary (Northern Zone) Pawan Kumar said the minimum pension under the Employee Pension Scheme (EPS) should be increased to Rs 5,000 monthly as a first step and subsequently linked to the variable dearness allowance.

EPS pension is managed by the Employees Provident Fund Organisation (EPFO).

In its joint memorandum to the Finance Minister, 10 central trade unions demanded the extension of Employees’ Provident Fund (EPF) and Employees’ State Insurance Corporation (ESIC) benefits to the informal economy workforce including gig and domestic workers.

This was a customary meeting conducted ahead of the presentation of the Union Budget, which is scheduled to be tabled in parliament on February 1.