EPFO Update: If the PF of any employee is being deducted while working in a private company, then it is going to be a great thing. The central government is considering increasing the minimum pension amount for PF employees. It is believed that the government can increase the minimum pension to Rs 7500, which will be like a big gift.
At present, the minimum pension amount for PF employees under EPS is Rs 1,000. Employee organisations have been demanding to increase for a long time, which has yet to be approved. The market is hot with discussions that the minimum pension amount can be increased. A large number of employees will get the benefit of this. Right now, the EPFO has not said anything officially. Such claims are being made in media reports.
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Important things related to EPS
Do you know that EPFO works to run EPS for private employees? If the PF of any employee is deducted, then some part of it is deposited in the EPS account. The government started the Employee Pension Scheme in the year 1995. At present, several lakh employees are getting the benefit of a pension.
This scheme is handled by EPFO. To get a pension under EPS, it is very important for the employees to deduct PF for a minimum of 10 years. If your PF has been deducted continuously for 10 years, then you will be eligible to get a pension. Your pension is provided based on your salary. Anyway, these days the minimum pension is Rs 1,000, which is being discussed to increase to Rs 7500.
EPFO’s preparation
For information, let us tell you that EPFO has made full preparations for this. Now it is expected that the government will approve it soon. PF pension is available after 58 years. The retirement age of employees in private companies is 58 years. At present, the service period has not been increased by the company.