EPS Pension Hike Latest News: There is good news for pensioners demanding an increase in the minimum pension under EPS. The government is now seen in action on the long-standing demand of trade unions and pensioners.
A standing committee of Parliament has asked the Ministry of Labor to complete the evaluation of EPS from a third party within a specified time frame.
In fact, for a long time, pensioners have been demanding that the minimum pension amount under the Employees’ Pension Scheme be increased. In 2014, the Employees’ Provident Fund Organization (EPFO) had fixed the minimum guaranteed pension at Rs 1,000 for those EPFO members who contribute to the pension scheme for at least 10 years.
According to the report, this is the first time that the government will get the EPS evaluated by a third party. EPS was started three decades ago. Now it is also known as EPS-95.
The standing committee headed by Bharatiya Janata Party MP Basavaraj Bommai wants this evaluation process to be completed by the end of 2025 by the Labor Ministry. In view of this, the committee has asked the Labor Ministry to take up the matter promptly so that the minimum pension amount of Rs 1,000 under EPS can be increased.
What else did the parliamentary committee say?
The committee has said in its report that in the last few years the cost of living has increased manifold. That is, inflation has increased manifold, but the pension amount remains the same.
EPS was started in the year 1995. The aim of this scheme is to ensure a fixed income to the employees after retirement. The Standing Committee of Parliament has said in its report that after 30 years, EPS is being evaluated by some party. The committee recommends that this evaluation should be completed by a certain time frame i.e. by the end of 2025.
After this, the ministry has told the committee that the process of third party review has been started through Request for Proposal (RFP) and the work is currently underway. The ministry has also told the committee that no such review has ever been done before.
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