EPFO Update – PF employees are about to receive good news, as the central government is soon going to give a major gift. The government may open the coffers of PF employees. The government may increase the minimum pension amount for PF employees to Rs 5,000. If this happens, this amount will be like a booster dose against inflation.
Approximately 8 crore employees could benefit from this, and this will be a huge relief for them. However, there has been no official announcement yet on the increase in the pension amount under the EPS. Such claims are being made in media reports.
Gift on EPS amount
The minimum amount of the Employees’ Pension Scheme may be increased. Speculation is rife that the government may announce the minimum pension amount under the EPS in January. There is talk that the minimum pension amount will be increased to Rs 5,000. Currently, the minimum pension amount for PF employees is Rs 1,000. Approximately 7.8 million employees are benefiting from this.
EPF organisations have been demanding an increase in the minimum pension amount for a long time, but the government has not yet officially stated anything. There are certain rules and regulations for receiving a pension under EPS. If you have been an EPF member for 10 years, you will be eligible for a pension. Pension is determined based on the Provident Fund. Benefits begin accruing after the age of 58.
When was the pension last increased?
For information, the pension amount under EPS was revised in 2014. At that time, the minimum pension amount was increased to Rs. 1,000. PF employees have been demanding an increase in the amount ever since the central government approved the UPS. However, the government has provided nothing but assurances.
The government announces interest payments in every financial year. Interest was paid at 8.25% for the financial years 2024 and 2025. This interest has been transferred to the accounts of all PF employees. Now everyone is already waiting for the interest payment for the upcoming financial year.