Before the budget, employee organizations have appealed to the Central Government to increase the minimum pension amount under the EPFO pension scheme from Rs 1,000 to Rs 7,500 per month.
EPFO Employees News: On February 1, 2025, the Modi government at the Center is going to present its full budget. Farmers, employees and youth have great expectations from this budget, so people associated with different organizations have started placing their demands in front of Finance Minister Nirmala Sitharaman.
Employee organizations have placed a demand before Finance Minister Nirmala Sitharaman that the minimum pension (Minimum EPS pension) under the pension scheme received from EPFO should be increased from Rs 1000 to Rs 7500 per month. Since despite the announcement of 2014, the minimum pension is fixed at Rs 1,000. If media reports are to be believed, the central government can consider this demand of private sector employees. This change will provide relief to millions of private sector employees. However, trade unions have suggested reducing it to Rs 5,000 per month.
This demand has been placed before the Finance Minister
It is worth noting that on January 10, a delegation of EPS-95 pensioners met Finance Minister Nirmala Sitharaman and made several demands including a minimum monthly pension of Rs 7,500, increase in dearness allowance (DA) and free medical treatment for both pensioners and their spouses.
In the meeting, the Finance Minister also assured that the demands would be considered sympathetically. The committee says that despite the government’s 2014 announcement to fix the minimum pension at Rs 1,000, more than 36.60 lakh pensioners still receive less than this amount.
Current Status of EPS 95
EPF has two types of accounts, one for lump sum withdrawal on retirement and the other for monthly pension payments. Out of the employer’s 12% contribution, 8.33% goes to EPS for pension, while the remaining 3.67% is allocated to EPF. The government also contributes 1.16% to this.
They have different views on minimum pension
The organization of Bharatiya Mazdoor Sangh says that the minimum pension given under the Employees Pension Scheme, 1995 (EPS-95) should be increased from Rs 1000 per month to Rs 5000. VDA should also be added to it. At the same time, some trade unions have also recommended it to be Rs 5,000 per month. However, the movement committee objected and said that this amount would not be enough to meet the minimum needs of the pensioners, in such a situation it should be increased to Rs 7500.
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
