EPFO Pension: There has been some discussion for some time that the minimum pension amount for private employees whose PF is deducted will be increased. This question has been raised for some time. The PF employees’ organisation has submitted a memorandum to the Ministry of Labour and Employment demanding this. PF employees are demanding that the minimum pension amount under EPS be increased to ₹7,500.

Currently, the minimum amount under EPS is ₹1,000. However, the government has now issued a significant response to this demand. The government does not have any proposal pending to approve an increase in the minimum pension amount. This means the government has completely rejected such demands and discussions. This is a setback for PF employees.

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Government Allays Concerns

The Central Government has clarified the claims of increasing the minimum pension amount under EPS to ₹7,500. Minister of State for Labour and Employment Shobha Kardalje has addressed the concerns and clarified the situation. He stated that the government currently has no proposal to increase the minimum pension to ₹7,500.

He further pointed to the financial difficulties of the EPS fund, which, according to the latest valuation in March 2019, has an actuarial deficit, indicating that available contributions are insufficient to meet future liabilities.

Indeed, not everyone benefits from the Employees’ Pension Scheme. Certain conditions have been set for this. Now that the situation is clear, the government is not going to increase the amount given under the EPS.

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Employees also have e interest.

PF employees are now also eyeing interest. In the last financial years 2024 and 2025, the central government provided 8.25 per cent interest on their accounts. Now, discussions are underway regarding the interest rate for the financial years 2025 and 2026. This time, interest rates of up to 9 per cent may be declared. No one has officially revealed their cards on the interest amount yet.