EPFO UPDATE – The fortunes of PF employees are about to brighten, as the government may make a surprising decision. If your PF funds are being deducted while working in private companies, then the government may soon give you a gift. It is expected that the minimum pension amount received by PF employees may increase. Under the EPS, there is a provision to provide a monthly pension to employees.
This pension amount can be increased to Rs. 7,500. Currently, employees receive a minimum pension of Rs. 1,000. Several lakh employees in India receive a monthly pension under the EPS. No official word yet on the expected increase in the pension amount, as media reports are making such claims.
Important facts about EPS
The EPFO ​​provides for post-retirement pensions to PF employees under the EPS. Currently, the minimum pension amount under EPS is Rs. 1,000 per month. This pension scheme was launched in 1995 and benefits a large number of employees. To benefit from EPS, some important things must be kept in mind.
Only those employees who have worked for a minimum of 10 years will be eligible for a pension. This means that PF deductions must be made for ten years. Pension payments will begin at age 58. Currently, the minimum pension amount is ₹1,000 per month. Employees have been demanding an increase to ₹7,500. According to sources, the EPFO ​​may also announce an increase in the pension amount.
EPFO Completes Preparations
The EPFO ​​has made full preparations to give a gift to PF employees. It is expected that the government will approve this soon. If the government increases the EPS amount to ₹7,500, approximately 7.8 million pensioners will benefit from it. This will prove to be a significant gift.
This amount will provide significant relief to pensioners from inflation. All eyes are now on the government’s announcement. Employees’ organisations have been demanding this for a long time, but no decision has been taken yet.
