EPFO Announces Pension Hike: Private Employees To Get Increased Monthly Pension

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The Employees Provident Fund Organization (EPFO) by making a big jump in perceived pension amounts under the Employees Pension Scheme (EPS) has well and truly played into the good books of private sector employees. This decision will ensure much financial security for pensioners who rely on EPS to sustain their post-retirement life.

What Is The Recent Developments?

The EPFO is considering increasing the base pension amount which shall help millions of retired employees in the private sector. The pension increase comes amid rising inflation and demands by the pensioners to enhance their monthly outgoes to make their daily needs.

The minimum EPS pension is ₹1,000 with the same remaining for years. Reports now say that the new revision may increase pensions by a whopping margin-possibly up to ₹7,500 per month for all applicable retirees. 

Who Are The Beneficiaries With Hike In Pension?

The pension increase under EPS-95 will benefit: 

  • Retired employees who contributed to EPFO during their service period.  
  • Private-sector employees covered under the Employees’ Pension Scheme (EPS).   
  • Pensioners who have completed at least 10 years of service before retirement.   
  • Employees who have reached the retirement age of 58 years or opted for an early pension at 50 years (with reduced amount). 

How To Know Your EPS Pension?

  1. Visit EPFO Portal – Go the official EPFO website and log in through your UAN (Universal Account Number).  
  2. Check Pension Status2 – Click on the section “Pension Payment Details” and find out the pension amount and payment history.  
  3. Visit EPFO Branch-office – pensioners may also visit their nearest EPFO regional office for assistance. 

Importance Of This Pension Increase

The cost of living having gone very high, it is, therefore, impossible for the retirees to live with their low pensions. The increase proposed by the government for monthly EPS pension shall provide: 

  • More financial security to private employees after retirement. 
  • Increased disposable income for managing daily expenses and health-related needs. 
  • A very strong social security system that is going to support lakhs of pensioners across India. 

Conclusion 

Undoubtedly, as far as increasing the monthly pension for private employees is concerned, it would make for a huge enhancement in post-retirement benefits. A huge financial benefit to pensioners dependent on EPS as an income-generating mechanism. Employees are to stay in touch with the official notification of EPFO to know about eligibility and benefits regarding revised pension.

Also Read: 7th Pay Commission News: Good News For Central Employees, New Figures Have Come Out

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