EPF Pension Hike News: The minimum pension amount for PF employees is set to increase. The central government could announce an increase in the minimum pension amount under the EPS at any time. This will benefit a large number of employees. It is believed that the minimum pension amount under the Employees’ Pension Scheme could be increased to ₹5,500 per month.
Currently, this amount is ₹1,000. If this happens, the minimum EPS amount will increase by ₹4,500. Employee organisations have been demanding this increase. This could be approved at the next Central Board of Trustees meeting. However, no official announcement has been made yet.
What is the current pension amount?
The minimum pension amount under the Employees’ Pension Scheme is ₹1,000. There has been a long-standing demand for an increase. According to media reports, this proposal could be approved at the CBT meeting. Currently, approximately 7.8 million employees are receiving the benefits of EPS.
PF employee organisations have submitted a memorandum to the Ministry of Labour and Employment demanding an increase in pensions, but the government has not yet agreed. If the government does make any changes, it will happen after 11 years. The last time the pension amount under EPS was increased was in 2014, to ₹1,000.
Which employees receive a pension?
Employees must meet the necessary conditions for receiving a pension under EPS. For this, the employee must have been a member of the EPFO at least. Pension benefits begin after the age of 58. The EPFO currently provides monthly pensions to approximately several million employees.
The government pays interest.
The central government also pays monthly interest on PF deposits. In the financial year 2024-2025, the central government has transferred 8.25% interest to the accounts of employees. Discussions about the next financial year are already in full swing. The question remains as to how much interest the government will provide this time.