EPFO Update: Ever since the central government implemented UPS, employees working in private companies are also worried about their future. PF employees demand that the amount of pension they get under EPS should be increased. The PF Employees Organisation has been demanding for a long time to increase the minimum pension amount under EPS to Rs 7500.
At present, the minimum pension amount for PF employees is Rs 1,000. On the other hand, the government is also considering increasing the EPS C pension amount. It is expected that the government will approve this proposal soon. However, nothing has been said officially by the Ministry of Labour and Employment. Know the updates related to EPS below.
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Minimum pension will increase under E.PS.
The EPS pension scheme has been operated by EPFO. The Employee Pension Scheme was started in the year 1995. The government’s purpose behind this was to make the employees financially strong in the future. This scheme is managed by EPFO. Through this, retired employees have been getting the benefit of a pension.
To get the benefit of a pension, a minimum of ten years of service is necessary, during which your PF is also deducted. If the employee gets his PF deducted for ten years, then he will be eligible to get a pension. At present, the minimum pension amount is Rs 1,000, which can be increased to Rs 7500.
What is EPFO’s preparation?
For information, let us tell you that the consideration of increasing the pension by EPFO is going on very fast. The government can put its seal on this proposal of the employee organisations. If this happens, then PF employees are sure to be happy. Anyway, the age limit for retirement of employees in private companies is considered to be 58 years.
The company can also increase the tenure of the employee at its level. According to media reports, a decision can be taken soon to increase this amount. Right now, about 78 lakh pensioners will get the benefit of this.