EPFO may increase minimum pension under EPS to ₹2,500:It will likely decide on the hike from current ₹1,000 on Oct 10-11

The minimum pension of ₹1,000 per month under the Employee Pension Scheme (EPS) could increase to ₹2,500. A decision on this may be taken in the meeting of EPFO’s Central Board of Trustees (CBT). This meeting is scheduled to be held in Bengaluru on October 10-11. Some media reports have made this claim. If the pension increase proposal is approved in the meeting, it will be the first major increase in 11 years. The minimum pension of ₹1,000 per month was set in 2014 and hasn’t increased by even ₹1 since then. According to a report, more than 30 lakh pensioners are receiving this minimum pension. Who can get pension? Anyone who completes at least 10 years of continuous service and reaches the age of 58 becomes eligible for regular pension under the EPS. If a member leaves the job in between, they can either withdraw their accumulated pension or opt for a reduced pension amount. What is EPS 95 Pension Scheme? How is EPFO pension determined? The maximum limit of pensionable salary is ₹15,000 per month. This means if a member has served for 35 years, they can receive a pension of approximately ₹7,500 per month. EPFO 3.0 will also be discussed in the meeting In addition to the minimum pension revision, the CBT meeting will also discuss digital reforms like EPFO 3.0. Its main features include direct PF withdrawal from ATM, instant money withdrawal through UPI, faster claim settlement, online death claim processing and automatic data integration.