There is big news for pensioners under the Employees’ Pension Scheme (EPS-95). Reports say the minimum pension may go up from ₹1,000 to ₹7,500, a 650% increase. However, the Employees’ Provident Fund Organization (EPFO) or the government has not officially confirmed this increase.
Pension May Rise to ₹7,500
According to media reports, the minimum pension under EPS-95 may increase to ₹7,500. Pensioners may also get a rise in dearness allowance (DA). This could be good news for about 7.8 million pensioners, especially with rising inflation.
However, the EPFO clarified in an RTI response that the ₹7,500 pension has not been approved yet. A high-level committee had suggested raising the minimum pension to ₹2,000, but the Finance Ministry did not accept it. The EPS-95 National Agitation Committee met Finance Minister Nirmala Sitharaman and asked for a minimum pension of ₹7,500 and free medical facilities. The committee says the current ₹1,000 pension is not enough for basic needs today.
What is the EPS-95 Scheme?
EPS-95 is a social security scheme started in 1995. It gives a minimum pension to organized sector employees when they retire. The pension comes from employee contributions and government support. Some media and social media reports talk about a ₹7,500 pension and ₹50,000 bonus, but the EPFO says pensioners should check only the official website for updates.
Pensioners and their groups expect the government to announce this increase in the next budget. If it happens, it will give financial help and also boost the self-respect of elderly people.