Very good news for EPS-95 pensioners! Tremendous increase in pension

Pension is an important economic security that gives people economic stability after retirement. In India, Employees Pension Scheme (EPS) 1995 is a scheme that provides pension facility to millions of people. Recently, there has been a great news for EPS-95 pensioners. The government has decided to make a tremendous increase in EPS-95 pension.

In this article, we will know in detail about this important change in the EPS-95 pension scheme. We will understand why this increase has been done, who will get the benefit of this, and how it will improve the lives of pensioners.

What is EPS-95 Pension Scheme?

EPS-95 or Employees Pension Scheme 1995 is a social security scheme launched by the Government of India. The scheme provides economic security to private sector employees after retirement. Under the EPS-95, both employees and employers contribute a certain amount, which later receives the employee as a pension.

The main features of EPS-95 scheme:

EPS-95 Pension increase: What is new?

Recently, the government has taken a major decision for EPS-95 pensioners. According to this decision, there has been a tremendous increase in EPS-95 pension. This increase has been done to improve the standard of living of pensioners and provide them better economic security.

Main changes:

• Increase in minimum pension amount
• Amendment of pension formula
• Start of additional benefits
• Improvement in pension payment process

Increase in minimum pension amount

Under EPS-95, the first minimum pension amount was Rs 1,000 per month. But now it has been increased significantly. According to new rules:

• The minimum pension amount has increased to Rs 3,000 per month.
• This increase will apply to all existing and new pensioners.
• About 40 lakh pensioners will directly benefit from this increase.

This increase is a big relief for pensioners, especially for those who were getting less pension and struggling with inflation.

Amendment of pension formula

The formula used for pension calculation has also been changed. The new formula is designed to give more benefits to pensioners.

Key things of new pension formula:

• Now the earnings made during the entire service to calculate pension will be taken into consideration.
• Inflation factor has also been included.
• The maximum pensionable salary limit has been increased.

This new formula is expected to increase the pension amount significantly.

Start of additional benefits

Apart from the pension amount, the government has also announced some additional benefits for EPS-95 pensioners:

• Medical Benefits: Pensioners will now be given basic health insurance cover.
• Bonus: One month additional pension will be given every year on the occasion of Diwali.
• Family Pension: After the death of the pensioner, the pension received by his family has also been increased.

These additional benefits will provide additional security to pensioners and their families.

Improvement in pension payment process

Along with increasing the pension amount, the government has decided to make the pension payment process simple and faster.

Main Correction:

• Digital Payments: All pension payments will now be made directly in bank accounts.
• Timely payment: Pension will be submitted on the first date of every month.
• Online tracking: Pensioners will be able to check their pension status online.
• Grievance Redressal: A dedicated helpline will be started.

These reforms will make the pension payment process more transparent and user-friendly.

EPS-95 impact of pension hike

This major increase will have a profound impact on EPS-95 pensioners and their families. Let’s look at some of its major effects:

1. Better standard of living: Pensioners will be able to complete their daily expenses better with increased pension amount.
2. Economic Security: More pension and additional benefits will provide more economic security to pensioners.
3. Health Care: Pensioners will be able to get better health services from medical benefits.
4. Family support: The increased family pensioner will provide more assistance to the pensioner’s family.
5. Digital Empowerment: Pensioners will technically become more capable than online services.

Eligibility for pension increase

It is important to know who is eligible for this pension hike. People of the following categories can take advantage of this increase:

• All current EPS-95 pensioners
• Those who have contributed to EPS-95 for at least 10 years
• EPS-95 members who have completed 58 years of age
• Family members of the deceased EPS-95 members who are receiving family pension

Application process for pension hike

If you are EPS-95 pensioner and want to take advantage of this increase, then you have to follow the following process:

1. Go to the official website of EPFO.
2. Click on the ‘Pension Increase Application’ section.
3. Enter your UAN (Universal Account Number) and Password.
4. Fill the required information and upload the documents.
5. Submit the form and get a reference number.

After submitting the application, EPFO ​​will review your application and confirm the eligibility. Once approved, the increased pension amount will start depositing in your bank account.

Disclaimer: This article is only for informative purposes and should not be taken as legal or financial advice. Although we have tried to provide accurate information, there may be a change in government policies and rules. Please confirm from official sources before taking any action. Writers or publishers will not be responsible for any damage or damage caused by the use of this information. For the latest and accurate information about the EPS-95 pension hike, please see the official website of the Employees Provident Fund Organization (EPFO) or contact their office.