Pension: Employees in the private sector who are part of the Employees’ Provident Fund Organisation (EPFO) have long been advocating for an increase in their minimum pension. This amount has remained stagnant since 2014, when it was set at Rs 1,000 per month.
Delegation of EPS-95 pensioners met with Finance Minister
Recently, a delegation of EPS-95 pensioners met with Finance Minister Nirmala Sitharaman on January 10, urging that the minimum monthly pension be raised to Rs 7,500. The Employees’ Pension Scheme (EPS-95), which is overseen by the EPFO, was established in 1995, and the central government established the minimum pension at Rs 1,000 in 2014.
Appeals to the government for an increase
In light of this, there have been ongoing appeals to the government for an increase, as many contend that this amount is insufficient to meet living costs amid rising inflation. Despite the government’s 2014 decision, the protesting group highlights that over 36.60 lakh pensioners are currently receiving less than Rs 1,000 per month. They assert that a significant increase is essential to provide financial stability for retirees dependent on the EPS-95 scheme. The EPS-95 National Struggle Committee, which has persistently called for a pension increase, reported that during their meeting with Finance Minister Nirmala Sitharaman, the government expressed a willingness to consider their requests favorably.
Government to take decisive action
The committee has since called on the government to take decisive action and announce the pension increase promptly. While EPS-95 pensioners are advocating for a minimum pension of Rs 7,500 per month, trade unions involved in the pre-budget consultation with the finance minister have proposed a pension increase of Rs 5,000.