aPensioners might finally receive some relief after over ten years. The Employees' Provident Fund Organization (EPFO) is probably going to talk about raising the Employees' Pension Scheme (EPS-95) minimum monthly pension from Rs 1,000 to Rs 2,500.
The proposal is anticipated to be discussed at the Central Board of Trustees (CBT) meeting, which is set for October 10 and 11 in Bengaluru.
Key Highlights
- EPFO plans to debate raising the minimum monthly pension from ₹1,000 to ₹2,500.
- Upcoming Central Board meeting (Oct 10–11) also to review EPFO 3.0 digital reforms.
FIRST PENSION HIKE IN 11 YEARS?
Since its establishment in 2014, the current minimum pension of Rs 1,000 per month has not changed. Many employee unions have been calling for a significant raise for years, claiming that Rs 1,000 is insufficient to survive on due to inflation and growing living expenses.
According to reports, the EPFO board may take into consideration a more modest revision to Rs 2,500 per month, even though some trade unions have requested an increase to as much as Rs 7,500. However, the government must approve the final decision.
Also Read: EPFO May Enable Direct EPF Withdrawals Through ATMs and UPI Soon
WHO IS ELIGIBLE FOR THE PENSION?
A regular pension under EPS is available to anyone who reaches the age of 58 and has completed at least 10 years of continuous service. Early departure from service allows members to choose between a reduced pension or the withdrawal of their entire pension.
EPFO 3.0 DIGITAL TRANSFORMATION
The ambitious EPFO 3.0 project is another important item on the CBT's agenda, in addition to the pension increase. The organization's complete digital and paperless transformation is the plan's goal.
Direct PF withdrawals through ATMs, instant UPI withdrawals, quicker claim settlements, online death claim processing, and automatic data integration are some of the important features under consideration.
WHAT TO EXPECT FROM THE MEETING
The board meeting will cover investment policies, fund structures, and digital reforms in addition to the minimum pension hike. Millions of retired workers who have long waited for improved financial support could benefit from the revised pension if it is approved.
Millions of pensioners nationwide may finally receive long-awaited relief if a decision is made at the October 10–11 meeting.
