Recently the Employees’ Pension Scheme, 1995 (EPS-95) had an augmentation of many contributors, the EPS-95 pensioners. The scheme was established by the Employees’ Pensions Fund at the Employee Provident Fund Organization (EPFO), which was made by the Indian government to provide for financial security for organized sector employees post-retirement. Many things have been done in favor of many issues concerning or related to the EPS-95 pension scheme lately. Like, about the minimum amount of pension, the demand of the pensioners actually got through.
Increase In Minimum Amount Of Pension
The monthly minimum amount of pension will be lifted; this is the single good news for EPS-95 pensioners. Just because of the inflation’s high cost of living and pensions this time has decided to raise the minimum amount to ₹2,000 per month, from ₹1,000 monthly bid as the minimum pension under EPS-95 till now. For the second and adding benefit of that, these pensioners will get relief, it will better their financial condition.
Pensioners’ Demands
The pension demands of EPS-95 pensioners had been pending for quite a long time now. They always had contended till now that their pensions were too scanty even compared to inflation, and they had demanded them to be increased. Besides this, they were still striving for a successful amendment in the bylaws by increasing the government’s share in the revised pension scheme, where the pension would be revised from time to time.
Government’s Response
But the government had taken the demands of pensioners very seriously and had already taken a number of steps to set right-things under the EPS-95 scheme. They have created a new committee headed by joint Finance and Labor Ministries, which will make recommendations on improving the EPS-95 pension scheme. The main objectives of this committee are to raise the amount of income paid to the pensioners and to make sure that the scheme is made absolutely transparent.
Future Plans
It is the commitment of the government towards making the EPS-95 scheme friendlier to employees. There are some plans going to be implemented for pension modification with a view to inflation indexing and other additional benefits the pensioners can get. Also, there is focus on digitization of the pension scheme by the EPFO so that the pensioners can access easily the data of all their claims and payments.
Also Read- Petrol Diesel Rate Today: Know The Price Of Petrol And Diesel In Your City