
EPS Pension Hike: Good news! EPS pension will increase from ₹ 1000 to Rs 7500? know latest update
A parliamentary standing committee has urged the Labour Ministry to complete the evaluation process by the end of 2025, aiming to raise the minimum pension amount of ₹1,000 under the Employees’ Pension Scheme (EPS).
EPS Pension Hike Latest Update: Pensioners seeking a hike in the minimum pension under EPS have a reason to be hopeful. The government has started taking steps in response to the long-pending demands of trade unions and pensioners. A parliamentary standing committee has directed the Labour Ministry to get the EPS evaluated by a third party within a specified timeframe.
Pensioners have long been advocating for an increase in the minimum pension under the Employees’ Pension Scheme. Back in 2014, the Employees’ Provident Fund Organisation (EPFO) set the minimum guaranteed pension at ₹1,000 for members who have contributed to the scheme for a minimum of 10 years.
Pensioners’ hopes rise
According to the report, this is the first time that the government will get EPS evaluated by a third party. EPS was started three decades ago. Now it is also known as EPS-95.
The standing committee headed by Bharatiya Janata Party MP Basavaraj Bommai wants this evaluation process to be completed by the end of 2025 by the Labour Ministry. In view of this, the committee has asked the Ministry of Labour to take up the matter promptly so that the minimum pension amount of Rs 1,000 under EPS can be increased.
What else did the parliamentary committee say?
The committee has said in its report that in the last few years the cost of living has increased manifold. That is, inflation has increased manifold, but the pension amount is the same.
EPS was started in the year 1995. The purpose of this scheme is to ensure a fixed income for the employees after retirement. The Standing Committee of Parliament has said in its report that after 30 years, EPS is being evaluated by a party. The committee recommends that this evaluation should be completed by a certain time frame, i.e., by the end of 2025.
After this, the ministry has told the committee that the process of third-party review has been started through Request for Proposal (RFP), and the work is currently underway. Along with this, the ministry has also told the committee that no such review has ever been done before.