EPS-95 Pension increase possible? Government’s new stand on ₹ 7,500 pension, DA and arrears! EPS-95 Pension News-StudyToperC

Under the Employees Pension Scheme (EPS-95), a very good news has been revealed for pensioners. According to reports going viral on social media, Prime Minister Narendra Modi has approved the proposal of increasing EPS-95 pension to ₹ 7,500, giving dearness allowance (DA) and payment of arrears from the cabinet. This news has raged a wave of happiness among millions of pensioners. But is this news true? Let us know in detail about the EPS-95 pension scheme in this article and find out the truth of this new news.

The EPS-95 Pension Scheme is a social security scheme launched by the Government of India in 1995. Its purpose is to provide economic security to private sector employees after retirement. Currently, the minimum pension under this scheme is ₹ 1,000 per month, which has been demanding for a long time to increase. Now that the news of increasing this pension to ₹ 7,500 has come, it is important to know what its reality is and what effect it will have.

What is EPS-95 Pension Scheme?

EPS-95 or Employees Pension Scheme 1995 is an important social security program that provides financial assistance to private sector employees after retirement. Let’s see the main points of this scheme at a glance:

EPS-95 demand for pension hike

EPS-95 pensioners have been demanding to increase pension amount for a long time. The demand to increase the minimum pension of ₹ 1,000 currently to ₹ 7,500 is prominent. The reasons behind this are:

• Increase in inflation: It has become difficult to pass through a pension of ₹ 1,000 due to rising inflation.
• Cost of living: More amount is required to meet medical expenses and other essential expenses.
• Social Security: Adequate pension is necessary to ensure better standard of living in old age.

Will pension really increase?

According to the recent news that went viral on social media, Prime Minister Narendra Modi has approved a proposal to increase the EPS-95 pension to ₹ 7,500. But it is important to know that:

• So far no official announcement has been made by the government.
• The EPFO ​​or the Ministry of Labor has not issued any statement in this regard.
• This news is still in the category of rumor.

EPS-95 Possible impact of pension hike

If the EPS-95 pension really increases to ₹ 7,500, it will have a widespread impact:

1. Life standards of pensioners: Increased pension will improve the standard of living of millions of pensioners.
2. Economic Security: There will be better economic security in old age.
3. Access to health services: More pension will help in getting better health services.
4. Financial burden on the government: Increasing pension will put additional financial burden on the government.
5. Impact on the economy: Increased pension is likely to increase spending in the economy.

Types of EPS-95 Pension Scheme

Various types of pension are available under EPS-95:

1. General Pension: Regular pension received at the age of 58 years.
2. Quick pension: Pension received at a low rate after 50 years of age.
3. Widow Pension: Pension for the wife of the deceased employee.
4. Child Pension: Pension for the children of the deceased employee.
5. Orphan pension: Pension for children on the death of both parents.
6. Disability Pension: Pension in case of permanent disability.

EPS-95 Pension Eligibility

The following conditions have to be met to avail EPS-95 pension:

• Must be a member of EPFO.
• At least 10 years of service period will have to be completed.
• You have to complete the age of 58 years (50 years for early pension).
• Must be employed in a company under the EPF Act.

Calculation of pension amount

Under EPS-95, the pension amount is calculated on the basis of the following formula:

Pension = (pensionable × pensionable service)/70

Pension = (pensionable × pensionable service)/70

Where:

• Pensionable Salary: Average original salary of final 60 months
• Pensionable Services: Number of years of contribution to EPS

Government’s efforts to increase EPS-95 pension

Although an official announcement of pension of ₹ 7,500 has not been made yet, the government is taking several steps to improve the status of EPS-95 pensioners:

1. High Court decision: The Supreme Court has directed EPFO ​​to give high pension options.
2. Online application process: EPFO ​​has introduced online application facility for high pension.
3. Time limit extension: The application deadline for high pension has been extended.
4. Amendment in pension formula: Changes in the method of pension calculation are being considered.

EPS-95 challenges for pension hike

There are many challenges in the path of pension to increase:

1. Financial burden: Increasing pension will put additional financial burden on the government.
2. Availability of funds: The current status of the EPS fund has to be considered.
3. Regulatory Issues: Legal and regulatory changes will be required to increase pension.
4. Number of beneficiaries: It is challenging taking a decision affecting a large number of beneficiaries.

EPS-95 suggestions for pensioners

As long as there is no official announcement by the government, EPS-95 pensioners should take care of the following things:

• Pay attention to official information: Keep an eye on the official website of EPFO ​​and Ministry of Labor for the latest information.
• Avoid rumors: Do not believe in rumors spreading on social media.
• Financial Plan: Make your financial plan only on the basis of current pension.
• Additional Income Source: Find sources of additional income if possible.
• Benefits of government schemes: Take advantage of other government welfare schemes.

Disclaimer: This article is only for informative purposes. The news of an increase of ₹ 7,500 in EPS-95 pension is still rumored. No official announcement has been made. Readers are requested to confirm from the official website of EPFO ​​or Ministry of Labor before taking any decision. This information is in accordance with the situation till March 6, 2025 and can change in the future.