Will Private Sector Employees Get ₹9,000 Monthly Pension? (Image Generated By AI) |
New Delhi: The demand for a minimum monthly pension of ₹9,000 for private sector employees under the Employees’ Pension Scheme (EPS) is gaining momentum. This push follows the Indian government’s announcement of the Unified Pension Scheme (UPS) for government employees, which guarantees 50% of their last basic salary as pension after 25 years of service. The new UPS scheme will come into effect from April 1, 2025.
With assured pension security for government employees, private sector employees covered under the Employees’ Provident Fund Organisation (EPFO) are now urging the government to increase their minimum pension under EPS. Currently, EPS beneficiaries receive a minimum pension of ₹1,000 per month, an amount pensioners argue is insufficient for survival.
Pensioners’ Key Demands
Pensioners under EPS-95 (the 1995 scheme) are demanding a revision of the minimum pension from ₹1,000 to ₹9,000 per month. Many pensioners claim that the current pension amount is inadequate to meet basic living expenses, pushing them to protest for better financial support. Additionally, they are advocating for free medical benefits and a dearness allowance to help cope with inflation.
As per reports, there are approximately 80 lakh pensioners under EPS-95 across 186 institutions in India. The issue has led to protests outside EPFO offices, with pensioners urging the government to address their financial insecurity.
No Budget Announcement, But Discussions Continue
Despite strong demands, the government has not yet made any official announcement regarding pension revision. Commander Ashok Raut, the chairman of the EPS-95 National Struggle Committee, revealed that discussions were held with Finance Minister Nirmala Sitharaman before the Union Budget 2025-26. However, no provision for pension revision was included in the budget, leaving pensioners disappointed.
Several labor unions, including the Madras Labour Union and B&C Mills Staff Union, have written to Union Labour Minister Mansukh Mandaviya, requesting an increase in the minimum pension to ₹9,000 per month under EPS. Meanwhile, pensioners in Nashik staged protests outside EPFO offices, pressing for an urgent revision in pension payouts.
Nationwide Strike Planned Over Labour Issues
Various trade unions are also set to stage a nationwide strike on May 20, demanding the rollback of new labor codes and opposing privatization. The strike reflects broader dissatisfaction among workers regarding labor policies and financial security.
EPFO to Introduce ATM Withdrawals for PF Accounts
Amid ongoing pension concerns, EPFO is working on a new system, ‘EPFO 3.0,’ aimed at making provident fund transactions more accessible. Union Labour Minister Mansukh Mandaviya stated that the new system would bring banking-like conveniences to EPFO members. One of the major upgrades will be the ability to withdraw PF funds directly from ATMs, enhancing accessibility for millions of employees.
While private sector pensioners await a decision on their demands, the proposed technological upgrade to EPFO services signals a step toward financial ease for employees. However, whether their pension demands will be met remains uncertain.
