EPFO Pension: Ever since the central government implemented the UPS, employees working in private organisations whose PF is deducted have been demanding an increase in their pension amount under the EPS. Everyone is wondering whether the government will increase the minimum pension amount for PF employees.
The Central Board of Trustees, the highest policy-making body of the EPFO, is scheduled to meet soon. According to reports, this meeting will be held on October 10 and 11, 2025. There is talk that the EPS amount may be increased after 11 years. However, there has been no official word on whether the pension amount will be increased.
Pension Amount to Increase
The pension amount may be increased marginally. There is also a proposal to increase the minimum pension amount for employees. It is currently ₹1,000 and could be increased to ₹2,500 per month.
Previously, the minimum pension amount was ₹1,000 11 years ago. For several days now, employee organisations have been demanding an increase in this amount.
The government has provided numerous assurances, but it has not yet been finalised. The EPFS scheme was launched in 1995. Currently, millions of employees are benefiting from this scheme.
After how much service will one receive a pension?
Several necessary conditions have been established to avail the benefits of the Employees’ Pension Scheme. Only employees who have worked for at least 10 years will be eligible for this scheme. If they have worked for less than 10 years, they will not be eligible for EPS benefits. Benefits of the Employees’ Pension Scheme will begin after the age of 58.
Currently, approximately 7.8 million employees are receiving this benefit. Furthermore, the EPFO will introduce ATM facilities. It is hoped that the government will be able to operationalise ATM facilities by January 2025. Then, employees will no longer face difficulties withdrawing their PF funds. They can easily withdraw the money directly.