EPFO May Hike Minimum Pension: Key Update on Rs 7,500 Demand
The EPFO's minimum pension, unchanged for 11 years, is set to increase. The government is seriously considering this, and unions are demanding a hike to Rs 7,000-Rs 10,000 due to inflation.
When will the EPFO pension increase?
Speculation has been rife for a long time. 11 years have passed without a hike. Despite long discussions, there's been no solution. Now, a big update is here.
EPFO
The government is seriously considering a pension hike for EPFO members. Sources say a decision on the EPFO pension will be made during or after this year's budget.
Minimum Pension
Currently, the minimum pension under the EPFO's Employee Pension Scheme is ₹1,000. This was set in 2014 and has remained unchanged. Now, the EPFO pension is set to increase.
Minimum Pension Raise
Unions demand the minimum pension be raised from Rs 1,000. They argue that inflation has rapidly increased over the past 11 years, raising costs. They want a monthly pension of Rs 7,000 to Rs 10,000.
Pension Plan
Current rules state employees and employers each contribute 12% of salary. The employer's share is 3.67% to EPF and 8.33% to EPS. Now, the EPFO pension is set to rise. A demand for Rs 7,000-Rs 10,000 has been made.
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