Since the green signal from UPS, all the private employees are now aware of their rights and have started demanding an increase in the minimum pension amount. Amid these rising demands of the Private employees, the government is forced to take some action.
There is a demand from the Employee Organization to increase the minimum pension amount to 9000. As per the officials, there will be an increase in the minimum pension amount, but that is uncertain how much that amount will be. If the demand of the Employee Organization is accepted, then they will be happiest of all.
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Current minimum pension of EPS?
The EPS scheme, which came into action in 1995, which is almost 30 years ago from today, was never updated till now. The minimum pension amount, which was set at that time, was Rs 100,0, which was a good amount at that time given the circumstances.
As per the sources, there is a third party appointed by the Parliament committee to review the current EPF scheme, which was established in ’95. If we look at records, there haven’t been any changes made to the Pension amount for more than a decade now.
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What can be the next minimum Pension?
There have been multiple requests to update the minimum pension, out of which Rs 2000 was also suggested in between. The minimum Rs 2000 pension was rejected due to some circumstances. Apart from that, recently, Rs 9000 has also been suggested, but there is no official statement about that yet.
The pensioners are currently demanding to increase in the minimum cost of their benefit. With an increase of 800% percent, the new updated cost can be Rs 9000. Everyone is looking for the official news to be out.