Recently, a big news has come out in which it is being told that Prime Minister Narendra Modi has announced to increase the pension for EPS-95 pensioners to ₹ 7,500. This news is considered to be a relief for millions of pensioners across the country. Pensioners under EPS-95 (Employees’ Pension Scheme 1995 were demanding to increase their pension for a long time. This new initiative is expected to improve their economic condition.
The objective of this scheme is to provide financial assistance to pensioners who are facing financial challenges in the last stop of their lives. Let us know in detail what this scheme is, its benefits, eligibility and other important information.
What is EPS-95 Pension Scheme?
EPS-95 is a government scheme operated by EPFO (Employees’ Provident Fund Organization). The main objective of this scheme is to provide pension to employees as a certain amount after their retirement. This scheme is applicable to employees who work in the organized sector and whose part of the salary is deposited in the EPF account.
The main objective of EPS-95 scheme:
- Providing economic security after retirement.
- Providing financial assistance to employees and their families.
- To make life easier in old age.
Brief description of the scheme
| Name of the scheme | EPS -95 (Employees Pension Scheme 1995) |
| Declared amount | ₹ 7,500 per month |
| Beneficiary | EPS-95 pensioners |
| Main objective | Economic security in old age |
| Director | EPFO |
| Ability | EPFO Member |
| Declaration status | Recently in discussion |
EPS-95 pension hike: What is the new announcement?
Recently, it is being claimed that Prime Minister Narendra Modi has announced a pension of up to ₹ 7,500 to EPS-95 pensioners. If this announcement is applicable, then it will directly benefit millions of pensioners. Currently the minimum pension under EPS-95 is ₹ 1,000 per month, which is not considered sufficient for many people.
This new initiative will provide relief not only to pensioners but also their families. This will strengthen their economic condition in old age and will help them in living.
Benefits of EPS-95 Pension Scheme
Following are the benefits received under the EPS-95 scheme:
- Economic security: Regular income is ensured after retirement.
- Assistance to the family: After the death of the member, his family also benefits.
- Government Support: It is a fully government -run scheme, which is considered reliable.
- Minimum contribution: based on minimum contribution by employees and employers.
Possible benefits from the new announcement:
- Monthly pension of up to ₹ 7,500 will provide financial freedom in old age.
- Health and other needs will be easy to meet.
- Millions of EPS-95 pensioners across the country will get relief.
Who will be eligible for this scheme?
The following eligibility should be to avail the EPS-95 scheme:
- Employees should be EPFO member.
- The employee has served for at least 10 years.
- The age of the employee should be 58 years or more.
- The employee has regularly deposited the share of his salary in the EPF account.
Special Eligibility:
If an employee retires at the age of 50, he can get pension at a low rate. However, for this he will have to apply first.
EPS-95 Plan: Application Process
The following process is adopted to take advantage of the EPS-95 scheme:
- Login on the EPFO portal: Go to the EPFO portal and login to your account.
- Fill the pension form: Submit the form by filling the form 10-D.
- Upload the document: Upload Aadhaar card, bank account details and other necessary documents.
- Verify: After all the information is verified, the application process will be completed.
Is this announcement real?
Although this news has made a lot of headlines, it has not yet been officially confirmed by the government or the Prime Minister’s Office. Many times such news is viral on social media, which later prove to be fake. Therefore, it is necessary to wait for official information before reaching any decision.
EPS-95 pensioners demand
EPS-95 pensioners have been demanding to increase their minimum pension for a long time. He says that the current minimum amount is not enough to meet their daily expenses and health needs.
Over the years, the government had assured to consider the issue, but no concrete steps were taken so far. If this announcement proves to be true then it will be a big step.
conclusion
The EPS-95 scheme is a very important scheme for employees who work in the organized sector and want economic security after retirement. If this alleged announcement of a monthly pension of up to ₹ 7,500 is proved correct then millions of people will get the benefit. However, the official confirmation of this news is yet to come.
Disclaimer:
This article is based on available information and viral news on social media. The announcement has not yet been confirmed by the government or the Prime Minister’s Office. Readers are requested to get official information before reaching any decision.
