EPFO Pension Hike : If you are a salaried employee in the private sector, there’s good news for you. The central government is considering increasing the EPFO ​​pension for employees. Employees and pensioners have been demanding this increase for a long time.

Currently, the minimum monthly pension for Employees’ Provident Fund Organization (EPFO) members is just Rs 1,000. This amount has not increased in years, despite rapidly rising inflation. It should be noted that members of the Employee Provident Fund Organization receive pension benefits under the Employee Pension Scheme (EPS). The government is considering increasing the minimum pension under the EPS scheme from Rs 1,000 to Rs 5,000.

This pension will benefit private employees registered with the EPFO, those who have completed 10 years of service, and retired employees who currently receive the minimum pension. The increase in pensions is expected to improve the financial condition of many pensioners.

However, government approval has not yet been received. This proposal could be raised in the upcoming budget or social security reform meetings. The government also plans to improve PF withdrawals, pension distributions, and ease services for senior citizens through digital platforms.

EPFO members are being advised to keep their service records updated and rely only on official announcements from the government or EPFO. It should be noted that the EPFO ​​is a government organization that collects, manages, and safeguards the PF money deducted from the salaries of employed individuals. Its purpose is to ensure that employees have financial support after retirement.

EPFO was established in 1952 under the Employees’ Provident Fund and Miscellaneous Provisions Act. EPFO ​​runs three schemes: the Employees’ Provident Fund (EPF), the Employees’ Pension Scheme (EPS), and the Employees’ Deposit Linked Insurance (EDLI).