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Big news for those who work in the private sector. Private sector workers under the Employees’ Provident Fund Organisation (EPFO) have been pushing for a hike in their minimum pension, which has been stuck at Rs 1,000 a month since 2014. Recently, their efforts have picked up steam, with a group of EPS-95 pensioners meeting Finance Minister Nirmala Sitharaman on January 10 to advocate for a new pension rate of Rs 7,500 per month, plus dearness allowance (DA).
The Employees’ Pension Scheme (EPS-95), overseen by the EPFO, was launched in 1995. The minimum pension was set at Rs 1,000 per month by the central government in 2014. Since then, pensioners have consistently asked for an increase, arguing that the current amount doesn’t cover their growing expenses. They’re also seeking dearness allowance and free medical care for themselves and their spouses.
The EPS-95 National Agitation Committee, which is leading this charge, mentioned that during their meeting with Finance Minister Nirmala Sitharaman, she promised to consider their requests seriously. The committee is now urging the government to act swiftly and announce a pension increase.
While EPS-95 pensioners are aiming for a minimum pension of Rs 7,500 per month, trade unions that took part in a pre-budget meeting with the Finance Minister suggested raising the pension to Rs 5,000 per month, which is still a fivefold increase. However, the EPS-95 National Agitation Committee has criticized these labour groups for proposing a lower figure, stating it falls short of what pensioners truly need to get by.
The committee reports that even after the government’s decision in 2014 to establish a minimum pension, more than 36.60 lakh pensioners are still receiving less than Rs 1,000 each month. They emphasize that a significant increase is essential to provide financial stability for retirees dependent on the EPS-95 scheme.