EPFO Diwali Gift: Pension May Rise from Rs 1,500 to Rs 2,500

EPFO Pension Hike: A Diwali Gift for Employees. A significant decision to increase the minimum pension under the EPS-1995 scheme is expected at the EPFO Central Board of Trustees meeting in Bengaluru on October 10-11. 

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Employees' Provident Fund Organisation

The Employees' Provident Fund Organisation (EPFO) is likely to announce a much-awaited increase in the minimum pension under EPS-1995 at the CBT meeting in Bengaluru on Oct 10-11. Pensioners are expecting a pension increase from Rs 1,500 to Rs 2,500 per month, seen as a 'Diwali gift'.

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EPS-95 Scheme

Promises of a minimum pension hike under the EPS-95 scheme are making news again. Employees expect a 'Diwali gift' from the EPFO as a crucial meeting is set for October. The EPFO's Central Board of Trustees (CBT) will reportedly meet in Bengaluru from Oct 10-11. Chaired by Mansukh Mandaviya, it's expected to make key decisions for pensioners.

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EPF Benefits Likely Before Diwali to Boost Incomes

Several benefits may be announced for EPF account holders to boost household income before Diwali. This could likely stimulate household consumption during the festive season. This is the first meeting in seven months. A key agenda is overhauling the EPFO portal for smoother transactions. Top IT firms like Infosys, TCS, and Wipro are shortlisted.

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EPFO May Allow Withdrawals via ATM, UPI

Under the planned upgrade, financial transactions like partial withdrawals via ATM or UPI may become possible for EPFO members, marking a shift towards digital access. A minimum pension hike under EPS-1995 is a key announcement. Reports suggest it may rise from Rs 1,500 to Rs 2,500, a long-standing demand due to rising living costs.

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Minimum Pension of Rs 1,000 Began in 2014

The first minimum pension of Rs 1,000/month was implemented on Sep 1, 2014. EPS-1995 is a contribution-defined benefit scheme. Its corpus is built from employer and govt contributions.