The Employees’ Pension Scheme (EPS-95) is important to give retired employees a very much-needed hand financially in India. The news is swirling around that there would be a move by the government to increase the EPS-95 minimum pension to ₹7,500 as relief for the pensioners. If this happens, it would do much good to the millions of retirees who live from their pension to pay for everyday expenses.
Present Scenario For EPS-95 Pension
Most pensioners are hearing EPS-95 current minimum pension of ₹1,000 a month as almost nothing in view of inflation and the increasing cost of living. Several pensioners’ organizations and unions have been agitating for an upward revision in quantum of pension, arguing that only do such retired employees deserve it-they would be able to live their life living with dignity.
Thoughts Of The Govt. About A Minimum Pension Of ₹7,500
As per a latest EPFO report, discussions have now started regarding ₹7,500 as a new minimum pension. If approved, this would mean an increase to far greater than the minimum pension, which would have given these elderly pensioners a sense of security in life. Some other vital aspects considered in the proposal are as follows:
- Increased Financial Support: A pension of ₹7,500 would provide more economic security for retired employees.
- A relief for low-income pensioners: Most of the pensioners are unable to meet their minimum needs with ₹1,000.
- Government burden and feasibility: The government is considering its mode of funding the increase without unduly burdening the EPFO fund.
Who Will Benefit From the Hike?
If the government puts in place a minimum pension of ₹7,500:
- Welfare of the EPS-95 pensioners-more than 65 lakhs in India-will be considered.
- Pensioners from the government sector and private sector will get an increase in their pension amount.
- Increased pensions will also be extended to the family members of deceased pensioners receiving survivors’ benefits.
Challenges Concerning The Implementation Of The Hike
On the one hand, a pension increase has been ardently demanded; on the other hand, there are quite a number of hurdles to be crossed:
- Financial Viability: The government shall secure the sustainability of the EPFO fund.
- The proposal has to be passed on numerous stages to finally see the light of the day.
- Budget allocation for the new pension amount should take place by the Finance Ministry.
Conclusion
India declares a demand for a minimum pension of ₹7,500 under EPS-95, and official confirmation is still awaited. The pensioners are hopeful that this time their issue will get resolved, and life after retirement will see some reconditioning. Keep your eyes glued for more announcements coming in the next few months.
Also Read: DA Arrears Payment 2025: Government’s Final Decision Revealed