Big news for pensioners. The EPS-95 Movement Committee for pensioners announced on Saturday that Union Labor Minister Mansukh Mandaviya has promised to act swiftly on their requests. The committee stated that the minister has shown a positive attitude towards the long-standing issues faced by 78 lakh EPS-95 pensioners nationwide.
The demands highlighted in the statement include raising the minimum pension, providing free medical care for pensioners and their spouses, and fixing mistakes in applications for higher pension benefits. The minister assured the delegation that these matters would be resolved quickly.
Commander Ashok Raut, who leads the EPS-95 National Struggle Committee (NAC) advocating for pensioners’ rights, mentioned that recent talks with both the Labor and Finance Ministers resulted in a promise to increase the minimum pension soon. However, many pensioners are feeling let down since there was no mention of this in the Union Budget for 2025-26.
To address these concerns, a significant meeting took place on Friday between the Labor Minister and a NAC delegation. During this meeting, Minister Mandaviya reiterated the government’s dedication to tackling the issues faced by pensioners.
India’s pension assets are projected to hit Rs 118 lakh crore by 2030, with the National Pension System (NPS) potentially making up about 25% of that total, according to a recent report.
The AUM for the NPS in the private sector has seen impressive growth, skyrocketing by 227% over the past five years, jumping from Rs 84,814 crore to Rs 2,78,102 crore. The DSP Pension Fund Managers report also highlights that the elderly population in India is expected to grow 2.5 times by 2050, and the average life expectancy post-retirement is set to increase by around 20 years.