EPFO Pension Hike: Here슬롯사이트™s How Much Pensioners Could See in Revised Monthly Payments As Government Considers 650% Hike

Delhi, April 23:슬롯 머신 사이트 추천India's pensioners are in for some promising news, as the government appears to be considering a significant overhaul of the Employees슬롯사이트� Pension Scheme (EPS). After years of persistent demands from trade unions and pensioner associations, the minimum guaranteed pension could see a significant increase, rising from INR 1,000 to INR 7,500 per month, a 650% hike. This development follows the growing concern over inflation and the increasing cost of living, which have made the current pension amounts unsustainable. A by Financial Express suggests that a parliamentary standing committee is now reviewing the scheme, with the aim of implementing changes by the end of 2025.

The Employees슬롯사이트� Pension Scheme (EPS), launched in 1995, has been a cornerstone of social security for employees in India슬롯사이트™s organised sector. However, despite the rising cost of living, the minimum pension has remained stagnant for nearly a decade. Trade unions and pensioners have been urging the government to revise the scheme. As the parliamentary committee pushes for a third-party evaluation of the EPS, there is renewed hope that pension amounts will be revised upward.슬롯 머신 사이트 추천Here슬롯사이트™s everything you need to know about the proposed changes to the EPS pension scheme and how to calculate it.슬롯 머신 사이트 추천8th Pay Commission Latest Update: Check Expected Salary Hikes, Pension Revisions for Govt Employees and Pensioners.

What is EPFO?

The Employees슬롯사이트� Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, Government of India, responsible for managing provident funds, pensions, and insurance schemes for the workforce in the organised sector. Established in 1952, the EPFO oversees contributions from both employers and employees to ensure post-retirement financial security. To be eligible for EPFO benefits, an employee must work in an establishment covered under the EPF Act, and both the employer and employee must contribute to the EPF account.

For pension under the EPS, the individual must have completed a minimum of 10 years of eligible service and should retire at the age of 58 to receive a full pension. An early pension can also be availed of from the age of 50, subject to certain conditions.슬롯 머신 사이트 추천7th Pay Commission DA Hike: 2 to 6% Hike in Dearness Allowance, Dearness Relief for Government Employees and Pensioners, Announces Gujarat CM Bhupendra Patel.

How Is EPS Pension Calculated?

The Employees' Pension Scheme (EPS) pension is calculated based on the member's pensionable salary and the number of years of service for which they are pensionable. The formula used is: Monthly Member's Pension = (Pensionable Salary × Pensionable Service) / 70. Pensionable salary refers to the average monthly salary received during the last 60 months of employment, and pensionable service is the total number of years the employee has contributed to the EPS account. If the service duration includes partial years, they are rounded up to the nearest year. Additionally, the formula takes into account the contributions made by both the employee and the employer to ensure a fixed, reliable income after retirement.

In its communication to the parliamentary panel, the Labour Ministry confirmed that a proposal to increase the minimum EPS pension to INR 2,000 had been submitted to the Finance Ministry in 2020, but it was not approved. However, the ministry has now initiated the first-ever third-party evaluation of the Employees슬롯사이트� Pension Scheme, with the process already underway through a Request for Proposal (RFP). The ministry assured the committee that the evaluation would be completed within a fixed timeframe, preferably by the end of 2025.

(The above story first appeared on LatestLY on Apr 23, 2025 07:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).