EPFO Minimum Pension: The central government has not changed the interest rates on the amount deposited in EPF for the financial year 2024-25. This time, the government has kept interest rates up to 8.25 per cent. In such a situation, do you know that EPFO can announce an increase in the minimum pension amount given to PF account holders.
Let us tell you that in 2014, the Center fixed Rs 1000 as the minimum pension amount under the Employees’ Pension Scheme EPS operated by EPFO. Employees deposit 12% of their salary in the Provident Fund under EPFO.
In such a situation, it is expected that the government can increase the minimum pension amount to Rs 7500 per month. At present, the minimum pension amount is Rs 1000. EPFO has officially announced nothing regarding the pension amount, but media reports are claiming that the minimum pension amount can be increased to Rs 7500 per month.
Will the amount of EPS increase?
EPFO can increase the minimum pension amount under EPS. The minimum pension amount can be increased from Rs 1,000 to Rs 7,500 directly by the PF employees’ organizations. Since the Modi government has approved the 8th Pay Commission, an increase in the amount given to private employees under EPS can also be announced. Currently, more than 36,60 lakh pensioners get the benefit.
The Modi government announces interest to PF employees every year. This time, EPFO announced 8.25 per cent interest. The government can soon announce the transfer of this amount.