EPFO Pension : Government employees receive a pension. However, many people are unaware that private employees also receive a pension. If you also work in a private job, this news may be useful to you. In this news, we will explain the minimum and maximum pension amounts for private employees.
What is the minimum pension available under EPFO?
The minimum pension under the Employees’ Pension Scheme (EPS-95) under the EPFO ​​is currently Rs 1,000 per month. This was fixed in 2014 and has remained unchanged since then. The minimum pension under the Employees’ Pension Scheme (EPS-95) is expected to be increased to Rs 7,500 from May 2025. This increase is intended to provide retired employees with a more livable pension and will include an inflation-linked dearness allowance (DA) component, which will be adjusted twice a year.
Will pension increase?
The government will also increase the minimum pension under the EPFO. Work has already begun on this issue. Various employee organizations have long argued that the Rs 1,000 amount is too low considering current inflation. Trade unions and various pensioners’ associations have long demanded an increase in the pension amount under the Employees’ Pension Scheme (EPS) to Rs 7,500.
However, according to reports, the CBT will not increase the pension by 7.5 times and may consider raising it to Rs 2,500. However, it is not yet clear how much the increase will be. Different media reports are making varying claims.
How much salary you will get under eps for 15 years job check calculation?
To receive a pension under EPS, employees must meet certain criteria. They must be an EPFO ​​member for at least 10 years and have their PF deducted for at least 10 years. Pension benefits begin after the age of 58.
How is pension decided under EPFO?
Pension under EPS is calculated using a fixed formula: Pension = (Pensionable Salary × Pensionable Service) ÷ 70
Pensionable pay is the average basic pay + dearness allowance for the last 60 months of service, with a maximum limit of ₹15,000. Pensionable service represents the total years of service, rounded up if it is 6 months or more, and you need at least 10 years of service to be eligible for a pension.
The maximum pensionable salary limit is Rs 15,000 per month. This means that if a member has served for 35 years, they can receive a maximum pension of Rs 7,500 per month.
