The New measures announced by the Employees’ Provident Fund Organization, in some of them bringing in fresh financial benefits and relief for EPS 95 pensioners. Now, the move has been to consider an increase in minimum pension and other steps under such a welfare scheme for improving the pension security of retirees under the Employees’ Pension Scheme (EPS-95).
“Increase in Minimum Pension for EPS-95 Pensioners” Well, they say that the 1000 rupees are insufficient to just about meet daily requirements. One of the greatest palters in terms of minimum monthly pension increase is demand by stakeholders who collect EPS-95 pension. According to reports, the amount on which the pension will be raised has a chance of being increased to 7500 per month. The plan will be of real use to millions of pensioners dependent on this income to live.
Higher Pension Under EPS-95
Higher pension option is yet another matured product that should definitely start on this course. Previously, employees who were entitled to benefits under EPFO had an option to file for a higher pension based on actual salary, not subject to the ₹15,000 salary ceiling. It was collecting lakhs of applications for pension revision by EPFO before this option was extended multiple times. In the pyre time, those pensioners will be getting the bounty in the form of more monthly pension as per their contributions.
Some Of The Latest Decisions The EPFO Makes For The Benefit Of Pensioners
- EPFO is working on the following ways for better distribution and minimum delay in the payments:
- Faster processing of pensions: it will implement EPFO 3.0 under which pensions process claims will become very rapid.
- Digital pension services: Pensioners can now use UMANG app and EPFO portal for online updating of their details, tracking the status of pension, or lodging of grievance.
- Increased allocation to pension funds: Government considers going that way as it would help keep time and higher payments due to pensioners.
Expected Other Benefits For EPS-95 Pensioners
Apart from pension increases, the new social security benefit was that EPS-95 pensioners received a medical benefit. It appears that pensioners would, therefore, be covered under a government health insurance scheme that significantly reduces the medical expenses incurred by them.
Conclusion
The last piece of epfo and eps-95 news promises to the pensioners that they have been waiting long enough for a revision in their pensions. If the above changes come to fruition, pensioners will see a higher payout every month, a faster processing time, and ultimately a more secure financial future during their retirement years. Stay tuned for the recent announcements regarding pension schemes from official EPFO notifications.
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