Employees’ Provident Fund Organisation (EPFO) is planning to give some relief to pensioners after 11 years. Discussion on increasing the minimum monthly pension under the EPS-95 scheme during a Central Board of Trustees meeting arranged in Bengaluru on October 10–11.
Since 2014, the minimum pension remains at Rs 1,000 per month, a rate that hasn’t been revised. Given rising cost of living along and inflation, employee unions have several times asked for a higher amount, some of them are even calling for a higher growth to Rs 7,500. Though, initial reports recommend the board may take over more modest increment to around Rs 2,500, subject to final government approval.
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However, the proposed hike depends on the consensus of the board members. Together with that, the EPFO strategies to push forward with its “EPFO 3.0” initiative in order to make the organisation completely digital and paperless.
The key features under discussion include permitting direct withdrawals of PF through ATMs, immediate withdrawals through UPI, quick claim settlements, online claims processing in case on death, and unified data management system. The forthcoming meeting will also address investment policy, fund structure, and administrative restructurings.
If the hike in pension approved, it could assist millions of retired employees across India who have long awaited financial support.
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Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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