EPFO Update – The central government may open a treasure trove for provident fund (PF) employees. The minimum amount received under the Employee Pension Scheme (EPS) could be increased to Rs 5,000. Currently, more than 75 lakh PF employees receive pension benefits.
PF employee organizations have been demanding an increase in the EPS amount for a long time. The government may take a decision on this after the Union Budget. Although the government had denied such a proposal in its response to the Lok Sabha, employees’ hopes remain alive.
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How much could the EPS amount be?
The central government may increase the minimum amount of the Employee Pension Scheme to Rs 5,000. Currently, the minimum EPS amount is Rs 1,000. Now, all employees are waiting for the government’s announcement. The EPS benefit is available only to employees who have completed a minimum of 10 years of service.
The pension starts being credited to the account after the age of 58. The number of PF members is increasing rapidly across the country. All these employees are monitored by the EPFO.
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Government to launch these facilities
Whether or not an announcement is made regarding the minimum pension under EPS, the government may launch several facilities for PF employees. The most significant of these is the withdrawal of PF funds through ATMs. The central government may introduce the facility of withdrawing cash from ATMs to ease the difficulties faced by PF employees.
PF accounts may also be linked to UPI. The Ministry of Labour and Employment may approve this soon. According to the Ministry of Labour, the ATM and UPI facilities may be launched before March 2026. This will make fund withdrawal easier. The EPFO may soon determine the limit for the withdrawal amount.
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When will the interest be paid?
The interest rate for PF employees may be announced soon. By March, the central government may finalize the interest rate for the financial years 2025 and 2026. There is a possibility of a 9 percent interest rate. This rate would be 0.75 percent higher than last year.