Major relief has been provided by the government to lakhs of retired workers through the announcement of a bumper increase in their monthly pension under the Employees’ Pension Scheme (EPS)-95. With this latest upgrade, now more than 78 lakh retirees will receive a minimum monthly pension of ₹8,500 along with dearness allowance (DA). This long-awaited decision has come in response to persistent demands made by association of pensioners spread all over the country.
What Has Changed?
Under EPS-95, the minimum pension could now only be ₹1,000 a month, which has been seen as grossly inadequate against the arising inflation and living costs nevertheless. Under the new revision, the pensioners would receive a base pension of ₹7,500 plus applicable DA which would translate into more than ₹8,500 now as a monthly pension.
The new pension amount is scheduled to be made effective from May 2025, for crediting into the pensioners’ bank account. Moreover, for the first time, the dearness allowances will be included under EPS-95 pensions and thus this would serve as a means to curtail inflation along with making it possible for any future pension amount to be modified accordingly.
Who Will Be The Beneficiary?
This upward revision in the pension is applicable to all eligible retirees under the EPS-95 scheme. The beneficiary groups consist of:
- any retired employees from private and public sector organizations under EPFO
- pensioners under EPS-95 for over 15 years
- widows, disabled pensioners, and dependents under the scheme
Eligibility Check
For the revised pension to be availed by the individual:
- The pensioners must submit a life certificate
- All their KYC details must be updated with EPFO
- Pensioners may also have to get their Aadhaar and bank account details verified if they have not done this already
The EPFO has also requested every pensioner to log in to the official portal or visit the nearest pension facilitation center to confirm their credentials to ensure smooth disbursal of the revised pension.
Significance Of The Hike
This hike is a landmark victory for the EPS-95 pensioners, who have long been agitating for a respectable post-retirement existence. Pensioners may now lead a more financially secure life, having just been blessed by the grant of monthly aid of ₹8,500. Experts believe that this could open up avenues for a fuller reform of the pension scenario in India.
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