EPFO: Ever since the Modi government has started talking about bringing the 8th Pay Commission, the unions of PF employees have also been raising their voice for increasing the pension. Employee organizations are saying that now the pension should be at least ₹ 7500 per month! Inflation has increased so much, what can you do with ₹ 1000 these days?
On 1 February, our Finance Minister Nirmala Sitharaman presented the budget. Everyone was expecting that there would be some announcement about pension, but there was no mention of increasing the pension for employees in the budget. This definitely disappointed the PF employees a bit, the mind became a little sad.
But friends, the picture is still left! There is still a ray of hope. There are reports that the government can soon make the PF employees happy. The minimum pension that is received under EPS, i.e. Employee Pension Scheme, can be increased. However, no firm announcement has come from the government yet, everything is still a possibility. But as they say, “The world is based on hope!” And “As long as there is breath, there is hope!”
Some important things about EPS:
If the pension amount in EPS increases, it will be a great news for PF employees, just like winning a lottery! ‘EPS 95 National Agitation Committee’ says that about 78 lakh employees working in government and private companies across the country are currently taking advantage of EPS pension. Imagine, so many people will benefit!
Some PF employee organizations are also demanding that the minimum pension should be ₹5000 per month. In 2014, the government had fixed the minimum pension under EPS at ₹1000 per month. Now the employee organizations want the government to increase this amount further, show some mercy!
And the good news is that the government can take a decision on this soon. The meeting of the Central Board of Trustees of EPFO, i.e. Employees Provident Fund Organization is going to be held on 28 February. There is news that some big decisions can be taken in this meeting, which will be beneficial for PF employees. Hopefully some “good days” are coming!
Can there be a change in interest rates too?
Not only pension, PF employees can also get good news in terms of interest. In the meeting of EPFO on February 28, it is also possible that the government may increase the interest rates for 2024-25. It is expected that the interest rate can increase from 8.25% to 8.35%. However, these are also just news right now, nothing has been said for sure by the government. Such things are going on in the media, now let’s see what happens on February 28! Everyone’s eyes are on February 28!
Fact check:
The information given in this article is based on media reports and claims of employee organizations. There has been no official confirmation from the government yet. Readers are advised to obtain information from official sources before making any investment or financial decisions.
