In a significant development concerning retirement benefits, the Employees’ Pension Scheme (EPS-95) under the Employees’ Provident Fund Organisation (EPFO) is back in the spotlight. The long-standing demand to increase the minimum monthly pension from ₹1,000 to ₹7,500 is gaining renewed attention following recent updates and court rulings.
Current and Proposed Benefits of EPS-95
| Feature | Details |
|---|---|
| Minimum Pension | ₹1,000 per month |
| Proposed Pension | ₹7,500 + Dearness Allowance (DA) |
| Beneficiaries | 78+ lakh pensioners |
| Retirement Age | 58 years |
| Application Mode | Online |
| Extended Deadline | 31 January 2025 |
Pensioners’ Demands Intensify
Pensioners under EPS-95 have been demanding a revision in pension payouts citing rising inflation and living costs. The EPS-95 Agitation Committee recently met the Finance Minister and submitted the following key demands:
- Raise minimum pension to ₹7,500/month
- Include Dearness Allowance (DA)
- Provide free medical benefits to retirees and their spouses
- Address errors in high pension applications
Supreme Court Ruling Boosts Hopes
The Supreme Court’s decision on 4 November 2022 upheld the legality of calculating pension based on actual higher salary, leading to significant changes in how EPFO manages pension entitlements. Since then:
- 17.48 lakh applications for higher pension have been submitted
- Over 21,885 pension payment orders have been issued
EPFO has also introduced an online joint application platform for members and employers to streamline the process.
Government and EPFO Initiatives
To facilitate higher pension benefits, EPFO has:
- Launched an online portal for applications
- Extended the deadline from July 2023 to 31 January 2025
- Increased monitoring of pending cases for faster resolution
What Lies Ahead
In the upcoming Union Budget session, the Finance Minister is expected to address these demands. The issue will also be discussed in the next Central Board of Trustees (CBT) meeting, where strategies to raise the minimum pension will be reviewed.
Impact of Pension Hike
If approved, the proposed pension hike to ₹7,500/month would significantly improve the financial stability of lakhs of retirees and their families across the country.
Disclaimer: This article is for informational purposes only. For personalized advice regarding pension schemes, please consult a financial advisor.
