New Delhi: The Employees Provident Fund Organisation (EPFO) is likely to take a major decision regarding the minimum monthly pension for private sector employees. According to the reports EPFO is considering to increase the pension from Rs 1000 to Rs 5000. This step is being contemplated in view of rising inflation and the increasing cost of living. Employee unions and pensioners’ organizations have strongly supported this proposal. It is important to note that the final decision will depend on government approval. An announcement could be made soon during policy discussions or in the Union Budget. Currently the eligible retired people get a minimum monthly pension of Rs 1000. This amount has remained unchanged for many years. However considering rising inflation and living expenses the government is now considering a significant increase in this amount. Employees’ Pension Scheme (EPS-95) This pension is provided under the Employees’ Pension Scheme (EPS-95) which is part of the EPFO system. Employees who contribute to the EPF during their working life are entitled to the benefits of EPS. Who are eligible? To be eligible a minimum of 10 years of service is required. Pension payments generally begin after the age of 58. Who will get the benefit of this increased pension? The benefit of the increased pension amount will be available to the following people: Private sector employees registered with EPFO Retirees who fulfill the EPS service eligibility Current pensioners who are receiving the minimum pension This change could improve the financial stability of millions of retired individuals especially those who do not have any other source of income.