EPS Pension Hike: Will ₹1,000 Rise to ₹7,500?

EPS Pension Hike: The Labor Ministry is required by a parliamentary standing committee to finish this assessment process by the end of 2025. to raise the Rs 1,000 minimum pension amount under EPS.

Latest News on the EPS Pension Hike: For those pensioners who have been calling for a rise in the EPS minimum pension, there is excellent news. The administration has finally responded to the long-standing demands of retirees and labor unions. The Ministry of Labor has been urged by a parliamentary standing committee to finish the third-party examination of EPS within a given amount of time.

Pensioners have actually been calling for an increase in the minimum pension amount under the Employees’ Pension Scheme for a long time. For those EPFO members who have contributed to the pension plan for ten years or more, the Employees’ Provident Fund Organization (EPFO) set the minimum guaranteed pension at Rs 1,000 in 2014.

Hopes for pensioners are heightened

The report claims that this is the first time the government will have a third party assess the EPS. EPS was established thirty years ago. These days, EPS-95 is another name for it.

The standing committee, led by MP Basavaraj Bommai of the Bharatiya Janata Party, wants the Labor Ministry to finish this appraisal process by the end of 2025. In light of this, the committee has requested that the Labor Ministry address the issue as soon as possible to raise the Rs 1,000 minimum pension amount under EPS.

The parliamentary committee said anything else?

According to the committee’s report, the cost of living has skyrocketed in recent years. In other words, even though inflation has skyrocketed, the pension amount has not changed.

EPS was established in 1995. This program’s goal is to guarantee employees a steady income upon retirement. In its report, the Standing Committee of Parliament stated that a party is currently evaluating EPS after 30 years. The committee suggests that this assessment be finished by the end of 2025, or by a specific date.

Following this, the ministry informed the committee that the Request for Proposal (RFP) procedure had begun the third-party review process and that work was already in progress. The committee has also been informed by the ministry that no such review has ever been conducted.

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