EPS 95 Pension Hike: Govt Plans To Double Or Triple Pension, Big Update

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After long tussles with the government for improved benefits under the Employees’ Pension Scheme (EPS 95), it seems the government has finally taken steps in that direction. Recent reports state that the minimum EPS 95 pension would be increased by maybe doubling it or even tripling it, thereby makin g some monetary relief for like thousands of employees. The announcement is expected to serve specifically for the purpose of reducing the acute increase in the cost of living recently felt by working-class pensioners.

Big Relief For EPS 95 Pensioners

The Employees’ Pension Scheme (EPS 95) is managed mainly by the Employees’ Provident Fund Organisation (EPFO) and is there for some allowance for the retired employees. Currently, so often, those depend on RS 1,000 a month as a meager pension, which is hardly even enough to survive by food, clothing, and shelter. Presently, the government is thinking about hiking the pension to as high as ₹3,000 or more, depending on various variables, including the number of years in service and contributions.

Key Points Regarding The EPS 95 Pension Hike  

  1. Minimum Pension Increase-The present scheme will be doubled or tripled on the current pension of the beneficiaries.  
  2. Long-term Contributors to Higher Pension–Employees Who had been contributing under the EPS 95 for a longer footing might receive a significantly higher pension.  
  3. The Increased Amount of Government Contribution-The central government may support the revised pension scheme with higher funding support.  
  4. Implementation Soon-Decision finalization is expected within the blink of an eye to benefit lakhs of EPS 95 pensioners.  

Reasons Why An Increment Is Desired?

For the following reasons, EPS 95 pensioners have long sought a hike in the pension: 

  • Atmospheric inflation with the rising cost of living.  
  • Current pension is insufficient for basic necessities.  
  • No financial security, for many senior pensioners.  

The announcement is well-deserved relief to pensioners, one that should, at least in theory, assure them of a better life after their retirement.  

Who Would All Benefit From The New Pension Increase?  

  • Retired employees of the EPS 95 scheme.  
  • Pensioners who are currently earning at least ₹ 1,000 as minimum pension.  
  • Employees who had 20+ years contribution under EPS 95.  

Conclusion

EPS 95 pension increase is a major leap towards bettering the financial health of retired employees. With this, pension amounts would automatically be twice or thrice beyond normal amounts for lakhs of pensioners. The government plans to announce future details shortly, and pensioners can expect more updates from official sources.  

Get the latest updates on EPS 95 and pension schemes news!

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