EPFO PENSION UPDATE: Ever since the central government gave the green signal to UPS, private employees are also raising their voices about their future. Private employees whose PF is deducted demand an increase in the minimum pension amount under EPS. Amidst the constantly rising demand, the government can also make shocking decisions.
Employee organisations demand that the minimum pension amount be increased to Rs 9,000. If the government approves this demand of PF employees, then it will be a significant gift. If some reports are believed, the government will increase the EPS minimum pension amount, but how much it will reach is still uncertain. However, no one has said anything officially yet.
What is the minimum pension of EPS at present?
Do you know that the pension amount under EPS has been fixed at a minimum of Rs 1,000. Along with giving additional budgetary support to the EPF scheme, the government greatly assisted the employees by launching it on September 1, 2024. However, the EPS scheme was implemented almost 30 years ago in 1995.
The EPS scheme works as a social security option. It has been developed for employees of all organised sectors of EPFO. Anyway, no change has been made in EPS for almost a decade. According to the report, the pension body EPFO has appointed a parliamentary committee to conduct a third-party review of the EPS scheme of 95.
How much will be the minimum pension?
For information, let us tell you that it was proposed to increase the minimum pension amount to Rs 2,000, but it was rejected citing some reasons. However, on the other hand, a new pension of up to Rs 9000 was also demanded.
Now, pensioners are demanding that this decision be taken in the context of increased costs. If, for some reason, a pension of Rs 9,000 is announced, it will mean that the minimum pension amount will increase by Rs 1,000, i.e. 800 per cent. This announcement will be shocking.