EPFO Pension – Ever since the central government implemented the Employees’ Pension Scheme (EPS), private sector employees whose Provident Fund (PF) is deducted have been demanding an increase in the minimum pension amount. Private employees want a significant increase in the minimum EPS amount. They are demanding that the minimum amount under EPS be increased to Rs. 70,000.
Currently, this amount is only Rs. 1,000. The central government had revised it to Rs. 1,000 in 2014. Since then, no changes have been made. Will the central government accept the demands of PF employees? No official confirmation has been released yet.
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When can an announcement be expected?
The central government may soon decide to increase the amount of the Employees’ Pension Scheme. The Modi government is expected to present the budget for the financial years 2025 and 2026 on February 1, 2026. Some announcements for the 8 crore PF employees may be made in this budget.
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Employees hope that the government will increase the minimum EPS amount on February 1st. However, Union Minister of State for Finance, Pankaj Chaudhary, has already given his clarification on EPS.
He had denied any proposal to increase the minimum pension amount of EPS in the Lok Sabha of Parliament. He had said that the government is not considering any such proposal. Now, all eyes are on February 1, 2026.
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Which employees benefit?
Not all employees benefit from EPS. EPFO has set certain criteria for this. The employee must have a minimum service of 10 years. The pension benefit starts only after the age of 58.
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The pension money is deposited into the account by EPFO. Currently, several lakh employees are benefiting from EPS. The government also provides interest to PF employees every year. The interest rate for this financial year may also be announced soon.