EPS-95 Pension Boost: Good news has come for the beneficiaries of EPS-95 Pension Scheme, who have still continued with struggle after many years. The government is making a big change in the pension scheme which will increase the monthly income of the pensioners. In fact, the ministry is expected to raise the minimum pension amount to ₹ 7,500 and add dearness allowance (DA) to that. This would be a boon for millions of future pensioners as well as a whole lot of 78 lakh existing pensioners setting positive changes into their lives.
What Is EPS-95 Pension Scheme?
EPS-95 or Employee Pension Scheme 1995 is a pension scheme under the aegis of the Employees Provident Fund Organization (EPFO). This scheme was started on November 15, 1995, with the main objective of granting a fixed monthly pension to the employees of the private sector after their retirement. The employer and the employee contribute to the scheme and the pension start after the attainment of age of 58 years. The minimum qualifying service is 10 years for this scheme.
Current Status And Challenges Drags
At a great time saff have termed pension under EPS-95 as “very paltry” even being brought down to 1,000 rupees at the moment against thirty. Today it is not possible for a pensioner to live by it. All the time inflation is rising but pension holds stable. The little amount does not serve for medical, house rent, and daily needs. Moreover, funds will be required for family responsibilities like children’s education or daughters’ marriage.
This demand has been there from the EPS-95 Pensioners Sangharsh Samiti since long for raising this pension. They have been pressing for increased minimum pension amounting to ₹ 7,500 plus dearness allowance, enhanced arrangement for family pension benefits and improved medical facilities. They have also made many demonstrations outside the Parliament in support of this demand, met up with officials, and even submitted memorandums. Now indications show that positive action is going to be initiated soon from the end of the government on this matter.
New Proposal: ₹ 7,500 + DA
The EPS-95 pension scheme is being considered for revision by the government. According to the new scheme, the minimum pension will be raised to ₹ 7500 per month and dearness allowances would be included in it. This will increase the purchasing power of pensioners and provide relief from the increasing burden of inflation. This decision would especially benefit pensioners from rural and urban areas and improve their standard of living.
Importance Of Including DA
Including dearness allowance in pension will relieve pensioners from the burden caused by the increasing inflation every year. Inflation as an index increases every year, while the pension amount remains the same. This reduces the purchasing power of pensioners. If dearness allowance is included with the pension, then the purchasing power of the pensioners would remain proportional. Government employees enjoy dearness allowances, EPS pensioners should also have this facility.
Possible Impact And Benefits
If this change in EPS-95 pension is introduced, it should have a number of good effects. The first will be improvement in the quality of life for the pensioners because they will find it easier to fulfil their basic needs. Second, they will also manage to take proper care of their health and avail of the necessary medical facilities that will enable them to lead a better life. Apart from this, it will also add to the social respect of pensioners and will also enable them to become self-reliant instead of being a burden on the family.
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