Of late, the Employees’ Pension Fund Organisation has been in the news for yet another momentous announcement concerning nearly 78 lakh pensioners. According to reports, the government is mulling an increase in the minimum pension under EPS 95 to ₹7,500, keeping in mind the millions of retired employees. If this comes through, it would witness a tremendous leap in the pension amount and a better social safety net for the pensioners.
What Is The EPS 95 Pension Scheme?
Employees’ Pension Scheme of 1995 is a form of social security of the EPFO. Under the company’s pension scheme, an employee after retirement is to get a monthly pension from the Employees’ Provident Fund. As of now, this pension scheme provides for a minimum of ₹1,000, an amount that the pensioners have been asking for increasing for a long time due to raised standards of living.
Government’s Plan To Increase Pension
The demands from the public to raise the minimum pension under the EPS 95 scheme has undergone discussion going back a while now. In the said background, the talks are on for revising the pension to ₹7,500 per month. Therefore, an announcement and resolution is expected to come out soon, which will be a blessing for the EPS pensioners from whom the retirement income is concerned.
Who Will Gain From The ₹7,500 Pension?
If the proposal goes through, it will benefit: Owning to this proposal implementation:
- 78 lakh EPS 95 pensioners from India.
- Employees of any kingdom of this sector who is retired and is covered under the EPFO pension scheme for their workers.
- Survivors of deceased EPF members receiving survivor benefits.
When Will The ₹7,500 Be Credited?
However, no official notification has been sent out by the government regarding the date of operation. Nevertheless, discussions are at an advanced stage. Should the proposal get a green signal, within the next few months the pensioners shall see the revised amount. The amounts, as is a continuous practice, would be credited to the bank accounts of eligible pensioners directly.
Conclusion
The proposed increase in EPS 95 minimum pension from ₹1,000 to ₹7,500 is almost like a dream come true for all pensioners affected by inflation. This alert has come up and awaits official confirmation. If so, financially, this will be a good benefit for more than 78 lakh pensioners. Any such announcement by the government is expected any moment, so stay glued for up-to-date news.
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