As part of a big push to improve pensioners’ lives, reports of the government raising the Employees’ Pension Scheme (EPS-95) minimum pension to ₹7,500 per month– have been heard. The long-awaited move would help lakhs of pensioners who have been demanding a fair revision for years at the Employees’ Provident Fund Organisation (EPFO).
Background of the EPS-95 Pension Scheme
EPS-95, controlled by EPFO, provides monthly pensions for employees working in the public or private sector. The minimum pension paid under this scheme is Rs 1,000 per month and this is seen by most people as inadequate to meet the cost of living. Various pensioners’ associations have been imploring the government to increase this amount, as costs related to medical, housing, and everyday needs have been incessantly on the rise.
Government’s Proposal and Expected Implementation
Reports have it that the government is contemplating an increase in the minimum pension to ₹7,500 per month. This proposal is being negotiated between the Labour Ministry and the EPFO Central Board of Trustees. Following the passage of the proposal, around 6 million pensioners in India stand to gain from this increase. The pension increment is expected to see implementations in the 2025–26 fiscal year and bring a sigh of relief to the lowest income groups.
Effect on Pensioners and the Economy
A higher minimum pension could translate to increased financial security for retired employees, which, in turn, could usher in the boon of local economies as pensioners go to buy their basic necessities and services. For many senior citizens, this change means better access to healthcare and an improved quality of life after a long time of service. Economists thus opine that such measures could fortify social security while reducing dependence on welfare schemes.
Conclusion
The proposed minimum EPS pension of ₹7,500 will be one of the landmark changes in the social welfare framework in India. Once approved, it will provide both relief and dignity to the millions of retirees who have been waging a long-drawn battle with grossly inadequate pensions. The entire move thus reposes confidence in the Government’s commitment toward securing dignified living cases for all senior citizens of the country.
