EPS Pension Update – Crores of pensioners of the country can get good news soon. The central government is considering increasing the monthly pension under the Employees’ Pension Scheme (EPS) from Rs 1000 to Rs 7,500 due to rising inflation.

According to the report, there can be a whopping 65% increase in pension. This is being said because a parliamentary committee is going to evaluate the EPS amendment. Let us tell you that the Employee Pension Scheme was started on 16 November 1995, which was started by the Employees Provident Fund Organization (EPFO) for people working in the organized sector. So that employees can get a guaranteed pension (Monthly Retirement Pension) for their living even after retirement.

According to this scheme, the employer deposits 8.33% of the employee’s salary in the PF fund every month. Apart from the employee, the central government also contributes 1.16% from its account for the secure future of the employee. This amount has to be deposited within 15 days of the end of every month.

What is the pension arrangement?

Currently, the employee is given a minimum pension of one thousand to two thousand rupees as pension under EPS. The government had made a budgetary provision for this on 1 September 2014. Since then, no change has been made in this amount.

For the last several years, labor organizations and trade unions have been continuously demanding that the minimum pension of EPS be increased. They say that inflation is constantly increasing, due to which it is difficult to survive with a pension amount of Rs 1000.

What did the parliamentary committee say on EPS review?

According to the report, the parliamentary committee headed by BJP MP Basavaraj Bommai has asked the Ministry of Labor to review EPS. The report states that the committee wants the third party review of EPS to be completed by the end of 2025.

1. The cost of living in 2024 has increased manifold compared to 2014.

2. In such a situation, the minimum pension of Rs 1000 is not enough. It needs to be increased rationally.

3. The committee also suggested that the minimum EPS pension can be increased to Rs 7,500.