EPF News: Private job holders will now get this much minimum pension, know when this proposal can be implemented..
Employees working in private companies are always in tension regarding pensions. Because the way government employees get a good pension after retirement, private employees do not get that much. But now the news is that employees working in private companies will get a minimum pension of Rs 7500. Right now it is Rs 1000. However, there is a lot of discussion about increasing it.
Minimum pension will increase under the Employees' Pension Scheme
The Employees' Provident Fund Organization, i.e., EPFO, runs the Employees' Pension Scheme (EPS) for private employees. A part of the PF deducted goes as pension, which is deposited in EPS. The Employees' Pension Scheme was started in 1995.
Discussion about increasing the minimum pension
The Employees' Pension Scheme is managed by EPFO. EPFO gives pension to its members through this. However, to get a pension, it is mandatory for employees to deduct PF for a minimum of 10 years. If you are a private employee and you have deducted PF for 10 years, then you will be entitled to get a pension. Your pension is given based on your salary. Currently, the minimum pension is Rs 1000. There is talk of increasing it to Rs 7500.
EPFO has made all preparations
According to media reports, EPFO has also made full preparations regarding this. Soon, the government can approve this proposal. PF pension is available after 58 years. The retirement age of employees in private companies is 58 years. However, the company can also increase this service period.
According to reports, if the minimum pension becomes Rs 7500, then about 78 lakh pensioners will get relief from this. The government can also increase Dearness Allowance (DA) in this pension.
Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
