Good news for pensioners! Recently the Employees Provident Fund Organization (EPFO) has made several important changes related to pension. The purpose of these changes is to provide better facilities to pensioners and simplify the pension process. In this article, we will give detailed information about the new changes in the EPS-95 pension scheme, the process of higher pension and the new guidelines issued by the EPFO.
EPFO has implemented Centralized Pension Payment System (CPPS) since 1 January 2025. With this new system, pensioners will get the facility to get their pension from any bank branch. Also, the government is also considering the demand to increase the EPS-95 pension to Rs 7,500. Let us know in detail about all these important changes and updates.
EPS-95 Pension Scheme: A brief introduction
EPS-95 or Employees Pension Scheme is a pension scheme run by 1995 EPFO. Under this scheme, private sector employees are provided monthly pension after retirement. Currently, the minimum pension under this scheme is Rs 1,000 per month.
EPS-95 Pension Scheme’s main features:
| Description | Acquaintance |
| Name of the scheme | Employees Pension Scheme 1995 (EPS-95) |
| guidance | Employee Provident Fund Organization (EPFO) |
| Beneficiary | Private sector staff |
| Current minimum pension | Rs 1,000 per month |
| Proposed minimum pension | Rs 7,500 per month |
| Date of implementation | 1995 |
| Recent changes | CPPS Applied (from 1 January 2025) |
New guidelines issued by EPFO
EPFO has recently issued several important guidelines which are beneficial for pensioners. The purpose of these guidelines is to make the pension process simple and transparent.
1. Centralized Pension Payment System (CPPS)
- CPPS has come into force from 1 January 2025
- Pensioners can now get pension from any bank branch
- No need to transfer pension payment order (PPO)
- New banks or branches will be added to the system with IFSC code
2. simplification of joint declaration process
- New guidelines replace the SOP version 3.0 issued on 31 July 2024
- Members are classified into three categories
- The process of depositing the document has been simplified
3. Explanation for High Pension
- EPFO has issued clarification on pension process for high -paying employees
- Equal pension calculations will be ensured for all pensioners
- Trust rules will be strictly followed for exempted institutions
4. Simple process of member profile updation
- Members of base-satisfied UAN can now update personal information without uploading documents
- In some cases the employer’s certification will be necessary for UAN released before 1 October 2017.
EPS-95 demand to increase pension
EPS-95 pensioners have been demanding to increase the minimum pension for a long time. Currently, considering the minimum pension of Rs 1,000 as inadequate, pensioners have demanded to increase it to Rs 7,500.
Major demands of pensioners:
- Minimum pension Rs 7,500 per month
- Increase in dearness allowance (DA)
- Free medical treatment for pensioners and their spies
On 10 January 2025, a delegation of EPS-95 pensioners met Finance Minister Nirmala Sitharaman and placed his demands. The Finance Minister assured that his demands would be seriously considered.
Higher pension process and update
EPFO has released some important updates for employees applying for higher pension:
- Last date of application: 31 January 2025
- Employers will have to complete the clarification sought by EPFO by 15 January 2025
- A total of 17,48,775 applications received
- 16,282 pension payment orders issued
- 2.6 lakh applications were rejected
Eligibility for Higher Pension:
- Should be a member of EPS before 1 September 2014
- Salary limit should exceed Rs 15,000
- Both employers and employees have to give joint options
EPFO’s new initiative: online services
EPFO has introduced several online services for the convenience of pensioners:
- UAN-Aadhaar Linking
- Submission of digital life certificate
- Online transfer of pension
- Grievance redressal system
These online services will help pensioners to do most of the work sitting at their home.
EPS-95 benefits of increasing pension
If the government increases the EPS-95 pension to Rs 7,500, then it will have the following benefits:
- Economic condition of pensioners improves
- Better standard of living
- Ability to spend more on health care
- Increase in economic security
- Respect for senior citizens in society
Challenges and the way forward
Despite the demand to increase the EPS-95 pension, it has some challenges:
- Financial burden: increase in pension will be additional financial burden on the government
- Fund availability: EPFO will require additional funds
- Policy decision: Government has to take into account the interests of various stakeholders
Despite these challenges, the government is seriously considering the demands of pensioners. In the coming time, a concrete decision can be taken in this regard.
conclusion
The recent changes made by the EPFO and the demand to increase the EPS-95 pension are a ray of hope for pensioners. The centralized pension payment system (CPPS) and other simplified procedures will provide great relief to pensioners. Although an increase in pension is a complex issue, the government is seriously considering it.
Pensioners are advised to monitor the official website of EPFO and follow the updates released from time to time. Also, do not forget to link your UAN to Aadhaar and submit a digital life certificate.
Rejuvenation: This article is only for informative purposes. No final decision has been taken regarding the increase in EPS-95 pension or other changes. Readers are advised to confirm the EPFO’s official website or authorized sources before any action.
