EPFO Pension: Good news for private employees, is EPFO ​​going to take this big decision?

EPFO Pension: The Central Board (CBT) of EPFO ​​met on February 28 to decide the interest rates on PF deposits for the financial year 2024-25.

Private sector employees have long been demanding an increase in the minimum pension under the Employees' Provident Fund Organisation (EPFO). In September 2014, the Central Government fixed the minimum pension for the Employees' Pension Scheme (EPS) run by the EPFO ​​at Rs 1,000. Under EPF, employees contribute 12 percent of their basic salary to the Provident Fund, while companies are also required to contribute the same amount. Out of the amount deposited by the employee, 8.33 percent is deposited in EPS and 3.67 percent in the EPF account.

Will the demands of EPFO ​​members be accepted?

According to the report, ahead of Budget 2025, a delegation of EPS-95 retired employees met Finance Minister Nirmala Sitharaman and demanded to increase the minimum pension to Rs 7,500 per month along with provision of free medical facilities for their spouses and addition of dearness allowance (DA). According to sources, Union Labor Minister Mansukh Mandaviya has promised to take timely action on the minimum pension and other demands under EPS-95.

EPFO members will get good news soon

The Central Board (CBT) of EPFO ​​is scheduled to meet on 28 February 2025 to decide the interest rates on PF deposits for the financial year 2024-25, in which interest rates will be discussed and the issue of possible pension increase can also be raised in this meeting. The government is also considering implementing a stable interest rate for EPFO ​​account holders, so that EPFO ​​members can get a fixed return despite the fluctuations in the market.

PC:Latestly