There has been a long-standing demand to increase the minimum pension under the Employees’ Provident Fund Organisation (EPFO) for private sector employees.
In September 2014, the Centre had last fixed the minimum pension amount at Rs 1,000 under the Employees’ Pension Scheme (EPS) governed by the EPFO.
Under EPF, employees deposit 12% of their basic salary in the provident fund, while employers also contribute the same amount. Of this contribution made by the employer, 8.33% goes to EPS, and 3.67% is deposited in the EPF account.
Latest developments around EPFO members’ various demands
The pensioners’ body EPS-95 Agitation Committee has said that Union Labour Minister Mansukh Mandaviya has assured timely action on their demands, including a minimum pension under EPS-95.
The Centre has taken a positive stance on the long-pending demands of over 78 lakh pensioners covered under EPFO across the country, a statement by the pensioners body said.
Also read: EPFO Update: Govt to increase minimum pension amount under Employees’ Pension Scheme? Here’s what FinMin says
Among various demands, apart from minimum EPS pension, the pensioners’ body has sought an increase in the minimum pension, provision of free medical facilities for retirees and their spouses, and rectification of errors in applications for higher pension benefits, according to the statement.
The minister assured the delegation of a swift resolution to these issues, it said.
The EPS-95 National Agitation Committee (NAC), which has been fighting for pensioners’ rights for many years, said that recent discussions with the Centre have given hopes that the minimum pension under EPS-95 would see a revision finally after 10 years.
Will the minimum pension increase in 2025?
Ahead of Budget 2025, a delegation of EPS-95 retired employees met Finance Minister Nirmala Sitharaman and reiterated the demand to increase the minimum pension to Rs 7,500 per month as well as add dearness allowance (DA). According to the EPS-95 National Agitation Committee, the Finance Minister assured the delegation that their demands would be looked into.
For the last 7-8 years, pensioners have been continuously demanding an increase in their pension. They want the existing pension of Rs 1,000 to be increased to Rs 7,500, along with the benefit of DA. Apart from this, they also want free medical facilities for retired employees and their spouses.
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