EPFO update: Good news for 6 crore PF subscribers, read details inside

If you also work in the private sector and PF is getting deducted, then this good news is for you. 

The EPS-95 National Agitation Committee has given 15 days notice to the labour ministry for increasing the minimum monthly pension to Rs 7,500 from the existing Rs 1,000 and threatened a nationwide stir if the demand is not met.

The Employees Pension Scheme 1995 or EPS-95 is run by the retirement fund body EPFO, which covers over six crore subscribers and over 75 lakh pensioner beneficiaries.

In a letter to Union Labour Minister Bhupender Yadav on Monday, the committee said there is an increase in the deaths of EPS-95 pensioners due to very meagre pension amount and lack of medical facilities.

It threatened a nationwide agitation, including blocking rail and roadways and a collective fast onto death if the minimum pension is not hiked within 15 days.

The committee has demanded the enhancement of minimum pension from Rs 1,000 to Rs 7,500 along with Dearness Allowance declared at regular intervals.

It has also sought payment of pension on actual salary as per the Supreme Court's verdicts dated October 4, 2016 and November 4, 2022.

The apex court had earlier in November directed the government to give the option for contributing to the EPS-95 scheme on higher salaries. The present threshold for pensionable salary is Rs 15,000 per month.

The committee also demanded the coverage of EPS-95 to be extended to all other retired employees who have not been included in the scheme, by making them ex post facto members.

It submitted that the enhancement in minimum pension is as per the recommendations of the Koshiyari Committee in 2012-2013.

(With inputs from PTI)