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EPS Pension Increase: Updates on Minimum Pension Hike for 2024

December 13, 2024 by rajasinghmurugesan Leave a Comment

Increase in Pension Under EPS, 1995: What You Need to Know

The Employees’ Pension Scheme (EPS), 1995, remains a cornerstone of retirement security for many workers in India. In recent times, several stakeholders, including trade unions, have urged the government to increase the minimum pension amount under this scheme. Here’s a detailed overview of the current situation:

  1. Stakeholder Representations
    The Ministry of Labour and Employment has confirmed receiving requests from pensioners and trade unions for a minimum pension hike. These appeals reflect widespread concerns about the adequacy of pension benefits amidst rising living costs.
  2. Current Structure of EPS, 1995
    The EPS operates on a “Defined Contribution-Defined Benefit” model. Employers contribute 8.33% of wages, while the central government provides 1.16% of wages (up to ₹15,000/month). However, the fund faces an actuarial deficit as per the latest valuation (2019).
  3. Government Initiatives
    In 2014, the government introduced a minimum pension of ₹1,000 per month with additional budgetary support. Over the years, substantial grants have been released to ensure this provision:

2019-20: ₹5,096.67 crore

2020-21: ₹7,519.01 crore

2021-22: ₹18,478.33 crore

2022-23: ₹8,785.00 crore

2023-24: ₹9,127.00 crore

  1. Future Outlook
    Despite increased budgetary allocations, the government is assessing the feasibility of further pension hikes. Any decision will likely consider the recommendations of the Standing Committee on Labour, Textile, and Skill Development.

The EPS, 1995, plays a pivotal role in social security, and any potential hike in pension benefits will bring much-needed relief to retirees. Stay tuned for updates as the government deliberates on this critical issue.

Filed Under: CGE Latest News

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