News India Live, Digital Desk: (EPS Pension)If you work in the private sector and every month your salary is deducted from the provident fund (PF), then this news may be necessary for you. Government Employee Pension Scheme (Employee Pension Scheme – EPS) Considering increasing the minimum (minimum) monthly pension available under.
Currently, minimum pension under EPS ₹ 1000 per month Get Increased it ₹ 3000 per month It is proposed to do. Around 78 lakh pension people (pensioners) across the country have been demanding this for the last several years. If this happens, pensioners will get a lot of relief.
Decision may be made in the next few months
According to reports, the government may decide to increase the pension of retired employees in the next few months. If this decision is made, millions of retired employees will get the benefit. Let us tell you that last time in 2014, the minimum pension was increased from ₹ 250 to ₹ 1000. Now if it is reduced to ₹ 3000, it will be a big relief for the employees. However, no official announcement has been made by the government so far.
Why is it important to increase pension?
The need to the minimum pension to ₹ 3000 has been felt for a long time. Due to rising inflation, the amount of ₹ 1000 is very low to live in today’s time.
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In 2020, the Ministry of Labor sent a proposal to the Ministry of Finance to increase the minimum pension to ₹ 2000, but it was not approved.
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This year (2024-25) Before the General Budget, retired EPS employees meet Finance Minister Nirmala Sitharaman to minimum pension ₹ 7,500 Had demanded to be done, on which he was also assured.
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Currently there are about 78.5 lakh pensioners under the EPS scheme, out of which about 36.6 lakh people get a minimum pension of just ₹ 1000.
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The total fund (fund) of EPS is also quite large, which is more than Rs 8 lakh crore.
Assessment of additional expenditure
The government is already helping the EPS pensioners whose pension is made less than ₹ 1000 according to the calculation. The government mixes money on its behalf and brings their pension to ₹ 1000. In FY 2024, about Rs 1,223 crore was spent on this work, which was 26% more than the previous year. Now how much extra expenditure will be spent on pension to ₹ 3000, the government is assessing it so that its financial impact can be understood. The purpose of this step is to provide better economic security to pensioners.
Parliamentary Committee also advised
In April this year, a parliamentary committee headed by BJP MP Basavaraj Bommai also told the Labor Ministry that the minimum pension of ₹ 1000 is very low and it should be increased immediately. The committee admitted that the cost of living has already increased manifold. Experts also believe that increasing pension will be a good step, especially retired employees and their families will get big support from it.
Experts’ opinion
According to economist Sandeep Vampati, inflation has increased by about 72% from 2014 to 2024-25. The International Labor Organization (ILO) also advises that pension should be increased regularly according to inflation. However, due to economic uncertainty around the world and its financial goals, when and how much pension will increase, there is still some uncertainty.
What is EPS?
Employees Pension Scheme (EPS) is a retirement scheme, which runs the Employees Provident Fund Organization (EPFO). It gives a certain income (pension) every month after retirement to employees working in organized sector (companies, factories etc.). Where does the money of this scheme come from? Your company that contributes 12% to your PF account every month goes to 8.33% of the EPS and the remaining 3.67% deposits in your EPF account.
