Amidst extreme pressure from the government, millions of senior citizens living across the country are finally resting in relief, as it has granted a very huge increase in the minimum monthly pension under the EPS-95 scheme. As per the latest report, eligible pensioners will receive a minimum pension of ₹7,500 including Dearness Allowance (DA). They have finally won a contest long awaited by retirees about deserving raise compensation over the years.
Minimum Pension Increase To RS 7,500
Under the Employees’ Pension Scheme (EPS-95) which covers employees retired before the year 2004, the minimum pension to some of the retired employees is as low as ₹1000 per month. The most recent pronouncement on the hike in minimum pension making it to ₹7,500 with DA was the culmination of several years of patient lobbying and constant effort from the pensioners’ associations, legal interventions, and many representations to the central government.
This new pension structure would benefit over 6 lakh EPS-95 pensioners, many of whom have been addressing their basic needs based on the earlier pension amounts. The addition of DA is especially pertinent as it ensures that the pension keeps pace with inflation and thereby adds financial security amidst rising costs of living.
DA Will Be Increased
As per the official source, revised pension and dearness allowance will be disbursed beginning from the next financial cycle whereas the amount would be available to the pensioners from the effective date of implementation. The Employees’ Provident Fund Organisation (EPFO) is expected to subsequently release guidelines on payment and eligibility,
This move has widely welcomed the retired and employee unions. To many, it is much more than a financial win; it is recognition of the invaluable contributions India’s workforce has made over decades. Many EPS-95 pensioners had taken their struggle right to the streets and had done protests or even gone to court for just pension systems. This is considered a moral and political victory to the community.
What Should Pensioners do
EPS-95 pensioners must ensure that their record and KYC details are updated in the EPFO system so that the disbursement is smooth. Beneficiaries should also await further announcements through the EPFO official platform and portal.
Conclusion
The approval of a ₹7,500 minimum pension plus DA is a revolution in the pension policy of India. EPS-95 retirees have long waited for such an increment, which would also bring not just financial assistance but also brings dignity and respect back to their lives in retirement.
Also Read: Minimum EPS Pension May Increase To RS 7,500 – Panel Submits Proposal