The Key Demands

• Minimum Pension Hike: Raising the EPS-95 minimum pension from ₹1,000 to ₹9,000 per month.

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• DA Linkage: Crucially, they want the new minimum pension to be linked with Dearness Allowance (DA). This would ensure the pension keeps pace with inflation, something the current fixed ₹1,000 minimum completely fails to do.

• OPS Restoration: They demanded the elimination of the New Pension Scheme (NPS) and the restoration of the benefits of the Old Pension Scheme (OPS), arguing the current Unified Pension Scheme is inadequate.

• Tax Relief: They also sought tax incentives on social security contributions and an increase in the income tax rebate ceiling for salaried individuals.

The Financial Context

The EPS-95 is a defined contribution-defined benefit scheme.

• Employer Contribution: 8.33% of the employee’s wages go to the pension fund.

• Government Contribution: 1.16% of wages (up to a ceiling of ₹15,000 per month) is provided by the Central Government via budgetary support.

• Budgetary Support: The government already provides additional budgetary support just to ensure the ₹1,000 minimum pension can be paid out. The jump to ₹9,000 would require a massive increase in this annual government allocation, which is the major hurdle.

The demand for the hike has been ongoing for years, with various pensioner groups previously asking for amounts like ₹7,500. Now, ₹9,000 is the number on the table, and the government will have to address this massive actuarial deficit problem in the budget, or face sustained public pressure. The thing is, this is now a political issue of providing dignified living to crores of retirees.

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The post 800% Hike? Unions Push Govt. for ₹9,000 Minimum EPS Pension first appeared on Rightsofemployees.com.

For the employees who retired before September 2014, the last date of this scheme was earlier March 3, 2023. The Labor Ministry said in a statement on Monday that now, on the demand of the workers/employers union, chairman, the Central Board of Trustees has decided to extend the last date for receiving applications from such workers to May 3, 2023. Let us also tell you how you can apply online to get higher pension.

This is how you can apply by visiting the EPFO ​​portal

1. Go to the Member e-Services Portal.
2. Click on the higher pension present on the pension, use the joint option.
3. Select ‘Application Form for Joint Option’.
4. Add details including UAN, name, DOB, Aadhaar number, mobile number linked to Aadhaar and captcha.
5. Enter the OTP received on your Aadhaar-registered mobile number.
6. submit application.
7. An acknowledgment number will be generated on submission of the application form.

How to check your service history and joining date on EPFO ​​portal?

1. Visit the Member e-Service Portal, which can be accessed at https://unifiedportal-mem.epfindia.gov.in/memberinterface/
2. Enter Universal Account Number (UAN), Password and Captcha to login.
3. Now choose Service History from the View menu.
4. The ‘Service History’ option displays the list of organizations the person has worked for. Check the date you joined the DOJ or any organization.
5. If the portal displays DOJ before 1st September 2014, then the person is eligible to apply for High Pension. If the person changes jobs after this date, they will still be able to opt for higher pension as long as their pension account is active with EPFO.

The post EPFO Alert: EPFO has extended the last date for applying for more pension, know how you can apply first appeared on Rightsofemployees.com.