EPFO Pension Update – PF employees are about to receive a major gift. The government is increasing the minimum amount under the Employees’ Pension Scheme. The minimum amount under the Employees’ Pension Scheme (EPS) is now expected to grow to ₹7,500. This will prove to be a significant gift.
Currently, the pension received by PF employees under the EPS is up to ₹1,000. According to reports, a significant increase in this pension amount is considered certain. Currently, 7.8 million employees receive pension benefits from the EPS. While no official announcement has been made on the timeframe for the pension increase, media reports claim an imminent rise. Learn the essential facts below.
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Essential Facts About EPS
The Central Government launched the Employees’ Pension Scheme in 1995. The EPFO administers this scheme for those working in the organized sector. This scheme provides employees with a guaranteed pension for their livelihood after retirement. Several PF employee organizations have submitted written memorandums to the government demanding an increase in pension amounts.
However, the government has not yet approved this. Initially, it was expected that the government might make a major announcement on Diwali, but that did not happen. Now, the minimum EPS amount is expected to increase by January. The question remains as to how much the EPS amount will increase.
EPFO to Make Several Major Rules
The Employees’ Provident Fund Organization will make several major rules and regulations for PF employees. The government may launch the ATM and UPI system in January. This means that PF employees will be able to withdraw their PF funds through ATMs from this month, without any hassle.
UPI service is also likely to be launched. The central government provides interest to PF employees every year. In the financial year 2024-2025, 8.25% interest was paid.