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.