EPS 95 pensioners bat!- Government will get 5 big decisions, these people will benefit- EPS 95 Pension New Rules- StudyToper

The Government of India has made several major changes under the EPS-95 (Employees’ Pension Scheme 1995, which will prove to be beneficial for pensioners and organized sector employees. The objective of these changes is to strengthen the economic condition of pensioners and promote their social security. Let’s know in detail about these new announcements and rules.

Introduction to EPS-95 scheme

Employees’ Pension Scheme 1995 (EPS-95) is a social security scheme launched by the Government of India, which aims to provide financial assistance to the employees of the organized sector after retirement. In this scheme both employees and employers contribute a part of their salary to pension funds.

EPS-95 scheme overview

EPS-95 Pension New Rules: New Changes

The government has taken several important decisions under the EPS-95 scheme in the budget of 2025. These changes will provide relief to millions of employees and pensioners.

Main things of new rules

1. Increase in pay limit
   • The first salary limit was ₹ 15,000, which has now been increased to ₹ 21,000.
   • Employees who get more salary than this will also be able to take advantage of this scheme.
2. Minimum pension increase
   • The demand to increase the minimum pension from ₹ 1,000 to ₹ 7,500 is being considered.
   • This step will help reduce inflation pressure.
3. PF withdrawal facility from ATM
   • Now employees will be able to withdraw money from their PF account through ATM.
4. Facility to get pension from any bank
   • Now pensioners can get their pension from any bank branch.
5. High pension option
   • Following the Supreme Court order, employees can opt for high pension based on their actual salary.

EPS-95 Higher Pension: Supreme Court verdict

The Supreme Court gave a historic verdict in 2022, allowing existing employees to choose a high pension option based on their actual salary. The benefit of this decision will be given to those employees who get more salary and want more pension after their retirement.

Benefits of EPS-95 scheme

Benefits to employees:

• Financial security: This scheme provides economic stability after retirement.
• Inflation Relief: Increase in minimum pension will help in providing relief from inflation.
• Online application: EPFO ​​has started the online application process for high pension.

Benefits to employers:

• Their satisfaction will increase by providing better facilities to employees working in the organized sector.

Contribution procedure to EPS-95 scheme

Both employees and employers contribute to this scheme.

• Employees: 12% of their salary contributes.
• Employer: 8.33% contribute to EPS funds and 3.67% EPF funds.

Apart from this, the central government also contributes 1.16% to it.

Important updates related to EPS-95 scheme

1. Online application process:
   EPFO has started the online application process for high pension.
2. Last date of application:
   The last date to apply for the high pension was extended several times and now it was kept till 31 January 2025.
3. Pension Payment Order:
   So far, millions of employees have applied and many of them have also been approved.

EPS-95 Plan: Prospects in future

The government is constantly working on improving this scheme. The following improvements can be seen in the coming years:

1. The possibility of further increasing the minimum pension amount.
2. Emphasis on adopting unified pension scheme by all states.
3. Make online services more accessible.

conclusion

The EPS-95 scheme is an important initiative of the Government of India, which provides financial security to the organized sector employees after retirement. This plan has become even more effective by new rules and reforms.

Disclaimer: This article is written only for the purpose of giving information. All the updates announced by the government are based on the official notification. Readers are advised to get official information before any decision.