EPFO may hike minimum pension to Rs 2,500; Big relief likely before Diwali

EPFO may increase the minimum monthly pension from ₹1,000 to ₹2,500 in its October 10-11 meeting. If approved, it will benefit millions of pensioners. Digital reforms like UPI withdrawals and faster claims may also be discussed under EPFO 3.0.

New Delhi: Good news may arrive for millions of pensioners before Diwali. The Employees' Provident Fund Organization (EPFO) may consider increasing the minimum monthly pension from ₹1,000 to ₹2,500 in its upcoming meeting. If this proposal is approved, the pension amount will increase for the first time since 2014.

Where and when will this meeting take place?

This proposal will be presented at the EPFO's Central Board of Trustees (CBT) meeting to be held in Bengaluru on October 10 and 11. This board makes major decisions related to pensions and funds.

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Why is a pension hike necessary?

Due to inflation and the constant rise in the cost of living, the monthly pension of ₹1,000 has become inadequate. Many employee unions have been demanding an increase in pensions for years. The current pension is making it difficult for the elderly to live a healthy and dignified life.

How many people will benefit?

If the pension increase is approved, it will benefit millions of retired employees under the EPS-95 (Employees' Pension Scheme - 1995), who currently receive a pension of ₹1,000 per month.

Who is eligible for a pension?

EPFO members who have completed at least 10 years of service and have attained the age of 58 are eligible to receive a pension under the EPS scheme. If a member leaves their job mid-term, they can either withdraw their pension deposits or choose a lower pension.

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Digital Changes Will Also Be Discussed – EPFO ​​3.0

This meeting will also consider the EPFO's digital transformation initiative, "EPFO 3.0," which includes:

• Direct PF withdrawals from ATMs
• Quick withdrawals through UPI
• Faster claim settlement process
• Online death claim processing
• Automatic data integration

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If the minimum pension increase proposed by the EPFO ​​is approved, it could prove to be a major relief for millions of pensioners. Digital reforms will also make services and facilities for employees and retired members faster and more transparent. All eyes are now on the October 10-11 meeting.