Big Relief : EPS-95 Pension May Rise to ₹7,500 by 2025 – First Review in 30 Years

EPS-95 Pension May Rise to ₹7,500 by 2025 : There is hope of an increase in the minimum pension amount under the Employees’ Pension Scheme (EPS-95). The Parliamentary Standing Committee has asked the Ministry of Labor to complete the review of the EPS-95 Pension Fund by third party experts within a fixed time frame. The committee wants this review to be completed by the end of 2025. The chairman of this committee is BJP MP Basavaraj Bommai.

EPS-95 Pension May Rise to ₹7,500 by 2025

The current pension amount under EPS-95 Pension Fund is Rs 1000, which has been demanded to be increased to Rs 7,500 for a long time. However, despite the constant demand, no steps have been taken in this direction, but now it is expected that by the end of this year or early next year, employees can get the gift of increased pension.

Employees’ Pension Scheme Unchanged

The Employees’ Pension Scheme was started in 1995. Its objective is to provide a fixed monthly pension to the employees after retirement. The Employees Provident Fund Organisation (EPFO) fixed the minimum pension amount at Rs 1000 for employees who contribute to the pension scheme for at least 10 years.

Since then, inflation has increased manifold, but there has been no change in the pension amount. Trade unions and pensioners’ bodies have been demanding an increase in it for a long time. They say that at present Rs 1000 is not sufficient in any way, hence the pension amount should be increased.

EPS-95 Pension Fund – Key Details

EPS-95 Pensioners Demand ₹7,500 Monthly Pension

On the other hand, the Ministry of Labor has informed the committee that the evaluation process has already started through Request of Proposal (RFP). Let us tell you that this is the first formal review in the 30-year history of EPS-95 Pension Fund . Therefore, the employees are hopeful that their demand for increase in pension can now be fulfilled.

The National Committee of Retired Employees says that the minimum pension amount should be Rs 7,500 per month and the benefit of dearness allowance (DA) should also be given, so that the employees can cope with inflation.

Minimum Pension Under EPS-95 was not approved

The ministry has also told the committee that a proposal to increase the minimum pension of EPS-95 Pension Fund to Rs 2000 was sent to the Finance Ministry in 2020, but it was not approved. Later it was included in the discussion for the budget of 2024-25.

Apart from this, in the pre-budget meeting this year, a delegation of the EPS-95 Pension Fund National Movement Committee had urged Finance Minister Nirmala Sitharaman to increase the minimum pension to Rs 7,500 per month and give the benefit of dearness allowance (DA).

Employees’ Pension Scheme Explained

EPS-95, also known as the Employees’ Pension Scheme 1995, is a social security program run by the EPFO. The scheme provides regular income to employees working in the private sector after retirement. The EPS-95 Pension Fund helps employees to save during their working life and receive a steady income after retirement.

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