Pension Hike: There is a good news for pensioners. Your pension money will hike so much in upcoming days. Actually there has been a long standing demand to increase the minimum pension amount of the Employees’ Pension Scheme from Rs 1,000 to Rs 7,500. But the demand was going on for a long time and now a ray of hope has appeared.
According to media reports, a standing committee of Parliament has asked the Ministry of Labor to complete the third-party evaluation of EPS within a time limit. Let us tell you, the Employee Pension Scheme was started in 1995. Its objective is to provide a fixed monthly pension to the employees after retirement. In 2014, EPFO fixed the minimum pension amount at Rs 1000. Since then, no change has been made in it. During this time, inflation has increased many times but the pension is the same old one.
But for the first time, the process of review of this scheme by a third party has also been started. Request for Proposal (RFP) has also been issued for this review and the work has started and it is expected that it will be completed within the stipulated time limit. The National Committee of Retired Employees under EPS-95 has been demanding for a long time that the minimum pension amount should be made Rs 7500 per month and the benefit of DA should also be given so that the impact of rising inflation can also be reduced. This is not the first time that pensioners are making such a demand.
According to media reports, a proposal to increase the minimum pension of EPS to Rs 2000 was sent to the Finance Ministry in 2020, but it was not approved at that time. Now this proposal has come into discussion again after the budget of 2024-25.
