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EPFO: Rs 9 thousand pension for employees with PF.. Proposal at the center!

Samayam | September 10, 2024 11:25 AM CST

EPFO: It is known that the Central Government has recently introduced the Unified Pension Scheme. Through this the employees will get guaranteed pension. In this order, the demands to increase the monthly minimum pension under the private employees' pension scheme, Employees' Pension Scum, have increased. And there are possibilities of providing a pension of Rs.9 thousand per month. It seems that there is a key proposal at the Center to this extent.

Highlights:

Good news for PF customers
And a guaranteed pension of Rs. 9 thousand per month
A key proposition at the Centre

EPFO: The central government has recently taken an important decision. Unified Pension Scheme (UPS) was introduced to provide guaranteed pension to employees. Central government employees will get guaranteed pension through this scheme. This scheme will be implemented from April 1, 2025. However, a demand is coming from the private sector employees under the Employees Provident Fund Organization in the order announced by the Central Government UPS. They want to increase the minimum pension under the Employees Pension Scheme ( EPS ). A key proposal has gone to the central government on this matter.

Recently, the Chennai EPF Pensioners Welfare Association wrote a letter to Mansukh Mandaviya, Minister of the Union Ministry of Labor and Employment. The letter requested to increase the minimum pension provided by the Employees Pension Scheme to Rs.9 thousand. Also, there are reports in the media that they have appealed to increase the DA. The EPF Pensioners Welfare Association stated in the letter that there are 75 lakh pensioners under the EPS. 23 lakh people will be benefited through the recently announced Unified Pension Scheme by the Central Government. However, the pensioners are expressing concern that the Center is ignoring the pensioners under EPS 1995. It is reported that the Chennai Pensioners' Association wants to take the issue of raising the minimum pension to Prime Minister Narendra Modi.

The National Agitation Committee, a body of EPS 95 pensioners, had protested in Delhi last July. It demanded to increase the minimum pension by Rs.7,500. Also, this committee is working at the center of Maharashtra. There are 78 lakh retired pensioners and 7.5 crore industrial sector employees in this committee. In September 2014, the Center amended the Employees' Pension Scheme 1995 by making the minimum pension Rs.1000. It has not changed since then. However, last year, the Labor Department sent proposals to the Finance Department seeking to increase this minimum pension by Rs.2000. However, the finance department did not approve these proposals. At present, the service period is multiplied by 60 months basic salary and divided by 70 to provide minimum pension through EPS scheme.