EPFO Update – When will the central government increase the minimum pension amount under the Employees’ Pension Scheme (EPS)? PF employees have been demanding an increase in their minimum pension amount under the EPS since the UPS was announced for central government employees. Sources indicate that the central government may increase the minimum EPS amount to ₹5,500.
Currently, the minimum pension amount is ₹1,000. There has been no official word on whether the government will increase this amount. This expectation is growing due to demands from employee organisations. You can learn important information related to the EPS in the news below.
Demand for an EPS Amount Increase
The demand for an increase in the minimum pension amount under the Employees’ Pension Scheme (EPS) has been ongoing for quite some time. Employees are demanding an increase to ₹7,500, but the government’s decision will be known only in the meeting. The Central Board of Trustees met a few days ago, but no discussion on EPS was held.
It is believed that an increase in the pension amount will be possible in the upcoming meeting. The government decided to increase the minimum pension amount to Rs 1,000 in 2014. Stability has been observed since then. The Employees’ Provident Fund Organisation has been implementing new facilities for employees from time to time.
How many EPFO members?
According to a report, over 70 million employees are registered with the Employees’ Provident Fund Organisation. The government has been providing interest on the annual deposits for these employees. The government has also announced an interest rate of 8.25% for the financial years 2024 and 2025.
Employees can easily check their PF balance through missed calls and SMS. In addition to these methods, they can also check their balance through the Umang app. Employees will not have to worry at all. If your PF is being deducted, you can use these methods to gather provident fund information. This will eliminate all employee confusion.