Relief in EPS-95 pension! Who will get increased pension in 2025? – StudyToper

There is good news for pensioners under the Employees’ Pension Scheme 1995 (EPS-95). Accepting the long standing demand of EPS-95 pensioners, the Central Government has decided to increase the pension amount. This increase will be implemented from 2025 and lakhs of pensioners will benefit from it.

This decision is expected to provide great relief to retired employees and their families covered under EPS-95. This increase in pension has been made in view of inflation and rising inflation, which will improve the economic condition of pensioners and their standard of living.

What is EPS-95 Pension Scheme?

Employees’ Pension Scheme 1995 (EPS-95) is a social security scheme operated by the Employees’ Provident Fund Organization (EPFO). This scheme was launched to provide financial security to private sector employees after retirement.

Key Features of EPS-95

Increase in EPS-95 pension in 2025

The central government has decided to increase the EPS-95 pension from 2025. This increase has been made keeping in mind the long standing demand of pensioners.

Main points of pension increase

• Minimum pension: Will be increased from the current Rs 1,000 to Rs 3,000 per month.
• Percentage of increase: The existing pension amount will increase by approximately 200%.
• Number of beneficiaries: Around 65 lakh pensioners will benefit from this increase.
• Effective date: January 1, 2025

Who will get increased pension?

The following categories of pensioners will benefit from the increased EPS-95 pension in 2025:

1. Retired Employees: Who are registered under EPS-95 scheme and have completed minimum 10 years of service.
2. Widow/Widower Pension: The pension received by the spouse of the deceased employee will also increase.
3. Child Pension: There will also be an increase in the pension given to orphan children up to the age of 25 years.
4. Disabled Pensioners: Permanently disabled pensioners will also get the benefit of increased pension.
5. Partial Pensioners: Those who had opted for partial withdrawal will also get proportionately increased pension.

Impact of pension increase

This increase in EPS-95 pension will positively impact the lives of pensioners in many ways:

1. Improvement in the standard of living: The increased pension will improve the standard of living of the pensioners.
2. Financial Security: Higher pension amount will provide better financial security to the elderly.
3. Health Care: With more money you will be able to avail better health services.
4. Family support: Pensioners will be able to provide more financial support to their families.
5. Relief from inflation: The increased pension will help reduce the impact of inflation.

Eligibility Criteria for Pension Increase

The following eligibility criteria must be fulfilled to receive the enhanced EPS-95 pension in 2025:

1. Minimum service period: Must have completed at least 10 years of service.
2. Contribution: Must have contributed regularly to the EPS account.
3. Age: Must have completed the minimum age of retirement of 58 years.
4. Registration: Must be registered in EPS-95 scheme.
5. Documents: Must have submitted all the required documents.

Application process for pension increase

To get the enhanced EPS-95 pension in 2025, the following procedure has to be followed:

1. Online Application: Apply online by visiting the official website of EPFO.
2. Document Upload: Upload the scanned copy of all the required documents.
3. Application Submission: Submit the completed form online.
4. Tracking: Track application status online.
5. Verification: Verification of application and documents will be done by EPFO.
6. Approval: Application will be approved once the eligibility is met.
7. Payment: Payment of enhanced pension will start after acceptance.

Financial impact of pension increase

This increase in EPS-95 pension will increase the financial burden on the government and EPFO. The following measures are being taken for this:

1. Budget Allocation: The government will allocate additional budget for pension increase.
2. EPFO Fund: EPFO ​​will use the returns received from its investments.
3. Contribution Rate: The contribution rate may be increased marginally in future.
4. Investment Strategy: EPFO ​​will try to get higher returns by changing its investment strategy.
5. Cutting expenses: Funds will be raised by cutting other non-essential expenses.

Disclaimer:This article is for informational purposes only. Although we have attempted to provide accurate information, government policies and decisions are subject to change. Please visit EPFO ​​official website or nearest EPFO ​​office for latest and official information. The author or publisher will not be responsible for any decisions made based on the information provided in this article.