EPFO UPDATE: If someone in your family works for the Public Provident Fund (PF), you’re in luck as the government is about to make a significant announcement. Anyway, PF employees have been demanding an increase in the pension amount for a long time, but the government has not approved it yet. The employees have also sent a memorandum to the government about raising the minimum pension.
Additionally, if the government approves the demand of PF employees, then good fortune will undoubtedly prevail. PF employees currently receive a very limited pension benefit. The working class consistently demands an increase in pension benefits. The employees are advocating for an increase in their minimum monthly pension to Rs 9,000. Although the central government has not yet responded, media reports are expressing similar sentiments.
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Employees are making demands regarding EPS.
The EPS-95 National Agitation Committee has consistently advocated for a minimum monthly pension. A few days ago, a protest took place in Delhi, demanding an increase to the minimum monthly pension to Rs 7500. The protesting committee also includes about 7.5 crore employees and 78 lakh retired pensioners. According to the EPS scheme, the central government declared a minimum pension of Rs 1,000 per month in 2014.
At the same time, according to EPS-95, there was a demand to double the pension, i.e., Rs 2,000 per month. The Central Finance Ministry did not approve it. Since then, all employees have been eagerly waiting for this approval, which is still incomplete. To receive a pension, a PF employee must have served for at least 10 years. The process of getting a pension will start after the age of 58.
Important things related to EPAF and EPS are discussed.
The private sector employee deposits 12 percent of their basic salary and dearness allowance into the monthly PF fund. Every month, the EPF account receives a transfer of 12 percent of the employee’s basic salary and dearness allowance.
The company then divides its contribution into two parts. The Employees’ Pension Scheme Fund receives 8.33 percent of this. The Employees’ Provident Fund, or EPF, receives a transfer of 3.67 percent.
