EPFO Update: Since the Central Government approved the 8th Pay Commission, PF employees’ organisations in private organisations have also begun demanding an increase in their minimum pension. It is believed that the Central Government can increase the minimum pension amount given under EPS to Rs 7500 per month.

If this happens, then this year will prove to be a boon for the people working in private companies. The increased amount will work as a dose of inflation. The EPFO provides for a monthly pension after retirement. However, the government has not yet officially announced anything bout it.

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Important things related to EPS

The Central Government provides a monthly pension benefit to PF retirement employees under the EPS scheme. PF employees are demanding an increase in he minimum amount received under EPS to Rs 7500. Currently, the minimum amount of EPS is Rs 1,000 per month. The Central Government increased this amount in 2014.

Since then, stability has been maintained. Anyway, under EPF, employees are required to deposit 12 per cent of their basic salary into PF. The employer provides the same amount. In this contribution, 8.33% is reflected in the PS. At the same time, 3.67 per cent is transferred to the EPF account.

The government has announced the interest.t

You will be happy to know that the government provides a non-interest amount to PF employees annually. For the financial year 2024-2025, the government has maintained stable interest rates, with no changes made. The government approved an interest rate of 8.25% in the meeting of the Central Board of Trustees of EPFO.

Early this year, considerable interest was shown in the financial year as well. Soon, this amount can start being transferred to the account. On the other hand, the government can quickly decide on the minimum pension increase.

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