EPFO Pension Hike: Ever since the Modi government has brought UPS, there has been a constant discussion about increasing the minimum pension of PF employees. It is expected that the minimum pension of PF employees can increase to Rs 7,500. At present, the minimum pension amount given to PF employees is Rs 1,000. There is a possibility of an increase of Rs 6500 in it.
If this is done this year, it will be like a booster dose for PF employees. According to the report, there can be a 650 per cent increase in pension. However, the government has not officially said anything about such an increase. Such claims are going on in media reports. In the coming days, the pension received under EPS will be clear.
PF employees get a guaranteed pension.
Do you know that under EPS, the government has been providinga pension to PF employees every month. The EPS scheme was started on November 16, 1999. EPFO began to do it for people working in the organised sectoorganizedhis, employees can benefit from a guaranteed pension for their living expenses even after retirement. PF employee organisations are seeking to increase their minimum pension amount by giving a memorandum for a long time.
Know what the pension system is?
Currently, after retirement of a PF employee, Rs 1,000 to Rs 2,000 is given as minimum pension under EPS. The government had made a budgetary provision for this on September 1, 2014. It has been almost 13 years, and EPFO has made no change till now. It is expected that the minimum pension amount can be increased as soon as the review is completed in any month of 2025.
The government gives interest every year.
The government also gives various benefits to PF employees. In every financial year, it also gives interest money on the amount deposited in the PF account. The government has announced to give 8.25 percent interest for the financial year 2024 and 2025. Now the interest amount will start coming into the accounts of the employees. More than 7 crore families will get the benefit of this.