EPFO Pension Rs 7500 will be credited soon? Big update is here

EPFO ​​Pension: Big news has emerged regarding EPFO ​​pensions. It is reported that pensioners covered under the Employee Pension Scheme 1995 (EPS-95) are going to protest over the minimum pension. According to reports, pensioners will hold a three-day protest at Jantar Mantar in New Delhi, starting March 9th.

According to a report, pensioners will demand an increase in the minimum monthly pension from the current Rs 1,000 to Rs 7,500. The protest has been called by the EPS 95 National Agitation Committee, led by its National President Commander Ashok Raut. According to a statement, around 8.1 million pensioners from central and state government public sector undertakings, cooperative and private sectors, mills and media houses have been raising their demands for the last nine years.

According to a report, the National Agitation Committee said that appeals have been made to the Prime Minister, all Union Ministers and MPs of all parties, but the government is ignoring the calls of elderly pensioners. It said that even after depositing pension contributions regularly with EPFO ​​during 30 to 35 years of service, pensioners are still being given an average monthly pension of Rs 1,171.

The committee alleged that such low pensions and lack of free medical care are leading to the premature death of an average of 200-250 pensioners across the country every day. Angered by the continued neglect, the pensioners will protest at Jantar Mantar in Delhi on March 9, 10, and 11, at the start of the second phase of the Budget Session of Parliament, the statement said.

Pensioners from all states can participate in the protest

Pensioners from all states are expected to participate in the protest, while MPs from various political parties may also join in. The pensioners’ main demands include a minimum monthly pension of Rs 7,500, plus dearness allowance, and free medical care for pensioners and their spouses. They also demanded that all eligible pensioners receive equal benefits of higher pensions, as per the Supreme Court’s decision of November 4, 2022. Furthermore, those pensioners who were excluded from the EPS-95 scheme have demanded a pension of Rs 5,000 per month.

EPS Pension Eligibility

To qualify for a pension under EPS, you need a minimum of 10 years of pensionable service.
You can start receiving your pension at age 58, but there is also an option for an early pension starting at age 50 (with a reduced amount) or a delayed pension after age 58 (which would be higher).

How is the pension calculated under EPS?

The primary formula for the Employees Pension Scheme (EPS) is: Monthly Pension = (Pensionable Salary × Pensionable Service) / 70

Pensionable Salary is determined by averaging your last 60 months’ Basic Salary plus Dearness Allowance.
There is a Salary Cap of Rs 15,000 per month for the purpose of pension calculation.
Pensionable Service refers to the total number of years you have contributed under EPS, rounded up for any incomplete years, with a maximum limit of 35 years.
This formula is utilized by EPFO to ensure that your pension is accurately calculated based on your service duration and salary history.