A very useful and very relieving news is coming out for crores of employees and pensioners across the country associated with the Employees' Provident Fund Organization (EPFO). The wait of EPFO pensioners, who have been demanding to increase the amount of Minimum Monthly Pension for a long time, may end soon. According to indications from the ongoing meetings and discussions at high levels of the Labor Ministry and the Finance Ministry, the government is seriously considering increasing the minimum pension of employees from the current limit to three times it. If this proposal gets the final approval, it will provide huge financial support to lakhs of retired elderly pensioners from the organized sector of the country who are forced to live on the basis of very low pension amount in today's inflationary era. How much pension is given at present and why is the demand for increasing it rising? At present, employees retiring under EPFO's Employees Pension Scheme (EPS-95) get only Rs 1,000 per month as minimum pension. In the year 2014, the amount of this minimum pension was increased to Rs 1,000, but in the last decade, there has been a huge increase in inflation, prices of food items, medicines and medical expenses in the country. With this small amount, it has become very difficult for the elderly to even meet the expenses of two meals a day of food and medicine. This is the reason why various pensioner organizations, trade unions and MPs across the country have been continuously demanding from the government that the minimum pension under EPS-95 should be increased to at least Rs 3,000 or more, so that the pensioners can live a respectable life. Proposal in the government's side, final round of discussion between Finance and Labor Ministry. According to information received from sources, several rounds of meetings have been held between the Central Board of Employees' Provident Fund Organization (EPFO) and the concerned ministries regarding this amendment. The government is well aware that the current pension of Rs 1,000 is inadequate to meet the current economic needs. However, the financial burden on the government exchequer and EPFO's pension fund (EPS Fund) by increasing the minimum pension three times i.e. to Rs 3,000 is being assessed. Officials believe that since this matter is directly related to the social security of crores of elderly citizens of the country, a big and positive decision can be taken soon on this, so that financial balance is maintained and pensioners also get full benefits. When can the good news come for pensioners and what will be its benefits? If the government amends the rules of the EPS-95 scheme and increases the minimum pension to Rs 3,000 or more, it will directly benefit more than 70 lakh minimum pensioners in the country. Along with this, other beneficiaries coming under its purview will also get relief in this period of inflation. Huge expectations have been raised regarding this possible decision among the working class of the country and the employees retiring from the private sector. It is believed that in the coming time, an official announcement can be made by the Central Government in this regard, which will prove to be one of the biggest welfare decisions for retired employees in the history of EPFO.
