After more than a decade, pensioners may finally get relief as the Employees’ Provident Fund Organisation (EPFO) is set to discuss an increase in the minimum monthly pension under the EPS-95 scheme.
The matter will be taken up during the Central Board of Trustees (CBT) meeting scheduled in Bengaluru on October 10–11.
Proposed Pension Hike
At present, the minimum pension is ₹1,000 per month, a figure unchanged since 2014.
With rising inflation and living costs, employee unions have been demanding a hike, with some urging the government to raise it to ₹7,500 per month.
However, early reports suggest that the board may consider a moderate increase to around ₹2,500, pending final approval from the government.
The final decision will depend on board consensus and budget feasibility.
EPFO 3.0: Towards a Digital Transformation
Apart from the pension discussion, the board will also review the “EPFO 3.0” initiative, aimed at making the organisation fully digital and paperless.
Key features likely to be discussed include:
PF withdrawals via ATMs
Instant withdrawals through UPI
Faster claim settlements
Online processing of death claims
Integrated data management system
The meeting will also cover investment policies, fund structure, and administrative reforms to improve efficiency and transparency.
Benefit for Millions of Pensioners
If approved, the pension hike will provide much-needed financial support to millions of retired employees across the country who have been waiting for an increase for the past 11 years.
