EPFO Pension ₹7,500 Coming Soon? Here’s the Latest Big Update
A major development has emerged regarding pensions under the Employees’ Pension Scheme. Pensioners covered under the EPS 1995 scheme are preparing to stage a protest in New Delhi to demand an increase in the minimum monthly pension.
According to reports, pensioners will hold a three day protest at Jantar Mantar beginning March 9. The demonstration is expected to continue until March 11 and will take place during the second phase of the Budget Session of Parliament. Through this protest, pensioners aim to draw attention to their long standing demand for a higher minimum pension.
Demand to Raise Minimum Pension
Currently, the minimum pension under the Employees’ Pension Scheme is ₹1,000 per month. Pensioners are now demanding that this amount be increased to ₹7,500 per month along with dearness allowance.
The protest has been called by the EPS 95 National Agitation Committee, led by its National President Commander Ashok Raut. The organisation has been raising the issue for several years, saying that the existing pension amount is too small to meet basic living expenses, especially for elderly citizens.
Pensioners Highlight Long Standing Issues
Members of the committee say that millions of workers contributed to the EPFO for decades during their service period. Many employees from public sector undertakings, private companies, cooperative sectors, mills, and media organisations were part of the scheme.
Despite contributing for 30 to 35 years, many retirees reportedly receive an average monthly pension of about ₹1,171. Pensioners argue that such a small amount is not enough to cover daily expenses such as food, medicines, and healthcare.
The agitation committee also stated that repeated appeals have been made to the Prime Minister, Union Ministers, and Members of Parliament from different political parties. However, they claim that their concerns have not received adequate attention so far.
Protest Expected to See Nationwide Participation
The upcoming protest in New Delhi is expected to see participation from pensioners across the country. Retired workers from various states are likely to gather at Jantar Mantar to support the demand for a higher pension.
Some members of parliament from different political parties may also extend their support to the pensioners. Apart from raising the minimum pension to ₹7,500, the protesters have put forward several additional demands.
These include providing free medical treatment for pensioners and their spouses. Pensioners have also requested that all eligible members receive the benefits of higher pensions in line with the Supreme Court decision delivered on November 4, 2022.
Another demand raised by the group is that workers who were left out of the EPS 95 scheme should receive a monthly pension of ₹5,000.
Eligibility for EPS Pension
To qualify for pension benefits under the Employees’ Pension Scheme, a member must complete at least 10 years of pensionable service.
Pension payments generally begin at the age of 58. However, members also have the option to start receiving a reduced pension from the age of 50. Those who choose to delay their pension beyond 58 may receive a higher monthly amount.
According to reports, pensioners will hold a three day protest at Jantar Mantar beginning March 9. The demonstration is expected to continue until March 11 and will take place during the second phase of the Budget Session of Parliament. Through this protest, pensioners aim to draw attention to their long standing demand for a higher minimum pension.
Demand to Raise Minimum Pension
Currently, the minimum pension under the Employees’ Pension Scheme is ₹1,000 per month. Pensioners are now demanding that this amount be increased to ₹7,500 per month along with dearness allowance.The protest has been called by the EPS 95 National Agitation Committee, led by its National President Commander Ashok Raut. The organisation has been raising the issue for several years, saying that the existing pension amount is too small to meet basic living expenses, especially for elderly citizens.
Pensioners Highlight Long Standing Issues
Members of the committee say that millions of workers contributed to the EPFO for decades during their service period. Many employees from public sector undertakings, private companies, cooperative sectors, mills, and media organisations were part of the scheme.Despite contributing for 30 to 35 years, many retirees reportedly receive an average monthly pension of about ₹1,171. Pensioners argue that such a small amount is not enough to cover daily expenses such as food, medicines, and healthcare.
The agitation committee also stated that repeated appeals have been made to the Prime Minister, Union Ministers, and Members of Parliament from different political parties. However, they claim that their concerns have not received adequate attention so far.
Protest Expected to See Nationwide Participation
The upcoming protest in New Delhi is expected to see participation from pensioners across the country. Retired workers from various states are likely to gather at Jantar Mantar to support the demand for a higher pension. Some members of parliament from different political parties may also extend their support to the pensioners. Apart from raising the minimum pension to ₹7,500, the protesters have put forward several additional demands.
These include providing free medical treatment for pensioners and their spouses. Pensioners have also requested that all eligible members receive the benefits of higher pensions in line with the Supreme Court decision delivered on November 4, 2022.
Another demand raised by the group is that workers who were left out of the EPS 95 scheme should receive a monthly pension of ₹5,000.
Eligibility for EPS Pension
To qualify for pension benefits under the Employees’ Pension Scheme, a member must complete at least 10 years of pensionable service. Pension payments generally begin at the age of 58. However, members also have the option to start receiving a reduced pension from the age of 50. Those who choose to delay their pension beyond 58 may receive a higher monthly amount.
How EPS Pension Is Calculated
The pension amount under the scheme is calculated using a specific formula used by the Employees’ Provident Fund Organisation.Next Story