For the last few months, there were constant reports that the minimum pension under the Employees’ Provident Fund Organization (EPFO) could soon be increased from Rs 1,000 to Rs 7,500 per month, as a parliamentary committee and many employee organizations were repeatedly demanding this from the government. According to reports, the government is currently considering this proposal and consultations are being held on the process of implementing it.

No decision has been taken yet on increasing the pension

The government told the Parliament that no final decision has been taken yet on the increase of pension. The government has admitted that there is a constant demand from the pensioners to increase the minimum pension . In the reply given in the Parliament, it was told that earlier in 2014, the minimum monthly pension was made Rs. 1,000 through budgetary support and a review is currently underway on this. But at present, no formal announcement or decision has been made to give a pension of Rs. 7,500 or more.

What are the future possibilities?

The government is currently assessing the committee’s proposal and the budget impact. According to the ministry, whenever a concrete decision is taken, Parliament and the public will be informed about it. This means that in the current situation, pensioners will have to wait a little longer and at present the minimum amount of pension is still Rs 1,000.

The discussion on increasing PF pension is going on in full swing, the recommendations of the parliamentary panel and the demands of the employees are strong, but the government has made it clear in the Parliament that at present no final decision has been taken regarding increasing the amount. The good news for pensioners is that it is being considered, all eyes are on what happens next.

The post Pension Hike Update: Will PF Pension Increase by ₹1,000? Government Clarifies in Parliament first appeared on Rightsofemployees.com.

Those who take advantage of Higher Pension Scheme have a chance to apply for it till June 26, that is, if you also want more money in your account, then you have a few more days left. In this, more than 12 lakh have applied so far.

EPFO gave information

Giving information, EPFO ​​has told that its employees should not face any kind of problem. For this reason, it has been decided to start the Higher Pension Scheme. On November 4, 2022, the Supreme Court gave an important decision regarding higher pension. For this, it was asked to choose a new option within four months.

Lumpsum amount may decrease

Let us tell you that if you select the option of higher pension, then by doing so, the amount of money received after retirement may decrease, but your monthly pension will increase. Experts believe that this scheme has both advantages and disadvantages. If you have a few years left in your job, then the employee’s focus should be on lump sum money.

How to apply for higher pension

->> For higher pension, first of all one has to go to the e-seva portal.
>> After that click on Pension on Higher Salary.
>> Now you will reach the new page where you will see 2 options.
>> Those who retire before September 1, 2014 will have to choose the first option.
>> Apart from this, if you are still doing the job, then you have to select the second option.
>> Details like UAN, name, date of birth, Aadhaar, mobile have to be filled.
>> Now OTP will come on your Aadhaar linked mobile number, it has to be entered.

Last week, the pension was increased in 2014.

EPFO ​​had released the details of its process last week. It was told that the shareholders and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees Pension Scheme, 2014.

Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS. EPFO has issued a circular in this regard to its field offices.

The post Pension Increase Update: Good news for pensioner! Employees’ pension will increase from this month first appeared on Rightsofemployees.com.