For a minimum pension hike under the Employees Provident Fund Organization (EPFO), privates have been demanding for quite some time. Just before Budget 2025, managers led by EPS-95 retired employees met with the Finance Minister Nirmala Sitharaman and reiterated demand for raising the minimum pension to Rs 7,500 a month and dearness allowance (DA).
Important Meeting Of EPFO And Possible Decision
An important meeting of EPFO will take place today and in that meeting itself the decision on slashing the deposit interest rate might take, making millions of private sector employees suffer greatly. The central government had fixed the minimum pension at Rs 1,000 per month under the EPS-95 pension scheme back, in September 2014.
EPF Contribution System
The employee deposits 12% of his basic salary in the Provident Fund. The employer also contributes an equal amount. Of the employer’s contribution, 8.33% goes to the EPS (pension scheme), while 3.67% is deposited in the employee’s Provident Fund account.
Main Demands Of EPFO Members
- Demand for minimum pension increase – Rs 7,500.
- Appeal to add dearness allowance (DA).
- Free healthcare for retired employees and their spouses.
- Improvements in the application process for higher pension benefits.
Will There Be A Minimum Pension Increase In 2025?
It was reported that the Finance Minister assured the delegation from the EPS-95 National Movement Committee that their demands were given a positive consideration. For the last 7-8 years, pensioners have been demanding their pensions to increase. Now all eyes are turned toward the EPFO meeting and the budget for 2025, awaiting decisions from the government on this.
Also Read; DA Hike Alert, Central Employees To Get Dearness Allowance Boost In Just 3 Days