EPFO Pension Scheme is likely to increase pension of retired workers in this year by 9000 per month

Employees' Provident Fund Organization (EPFO) is going to make some changes and good news to its subscribers in the new year. The minimum pension for the beneficiaries may be increased in the coming days.

The decision will be taken in this regard, after the meeting of the Ministry of Labor and Employment which is going to be held in February.

The agenda of the meeting will be to increase the minimum pension under the Employees' Pension Scheme or EPS in which the minimum monthly pension may be increased from Rs 1,000 to Rs 9,000.

Pensioners have been demanding this for a long time and several rounds of discussion have already taken place. The decision on this will be on recommendations of the Standing Committee of Parliament.

Two important issues are likely to be discussed in the meeting, including the implementation of the new wage code and minimum pension under the Employees' Pension Scheme.

In March 2021, the Parliamentary Standing Committee had recommended raising the minimum pension amount from Rs 1,000 to Rs 3,000. However, there is a demand from the pensioners that the pension amount should be increased to at least Rs 9,000.

Only then the EPS-95 pensioner will get the benefit in the true sense. One suggestion says that the pension should be fixed as per the last drawn salary of the employee immediately before retirement. This suggestion will also be considered in the meeting of the Ministry of Labor.