EPS Pension Amount To Revise SOON? Here's What The Minister Said
Times Now December 23, 2024 08:39 PM

The Union Labour Ministry has given the criteria for pension entitlement under EPS 95 and the minimum pension eligibility standards for members in various circumstances. The eligibility criteria for EPS 95 pensions have been laid forth in the Lok Sabha by Shobha Karandlaje, Minister of State for Labor and Employment. This was in response to queries about the Employees’ Pension Scheme (EPS) 1995 from MP Daroga Prasad Saroj and MP Sanjay Haribhau Jadhav.The EPS-95 was established in 1995 with the aim of giving employees in the formal sector a safety net. Employers were initially required to contribute 8.33 per cent of their workers' salaries to EPS, with a monthly wage cap of Rs 15,000 per month.The parliamentarians inquired about the policy and criteria for awarding pensions under the scheme, as well as any plans to amend these provisions. They also asked if the government had looked into or reviewed any EPS 95 pensioner cases, and requested information about the number of cases that had been reviewed overall.People must have worked for the company for at least ten years and be at least 58 years old To qualify for superannuation benefits through the Employees' Pension Scheme (EPS) 1995. Individuals who opt for early retirement can do so after turning 50, but each year they are under 58 will result in a 4 per cent reduction in their pension. However, there are no age or service limitations in cases of disability or death; members or their beneficiaries can get benefits after just one month of contributions.Karandlaje said: “On cessation of employment before completing 58 years a member can opt for early pension. Such early pension can be availed only after completing 50 years of age subject to a pension being reduced at the rate of 4% for every year falling short of 58 years.” She also mentioned that the government has put in place a policy that, as of September 1, 2014, guaranteed old people, people with disabilities, widows, or nominees a minimum monthly pension of Rs 1,000. Additionally, children might receive Rs 250 per month, while orphans are eligible to Rs 750.“The Central Government is providing a minimum pension of Rs 1,000/- per month to member/disabled member/widow(er)/nominee/dependent parent pensioners; Rs 750/- per month for orphan pensioners and Rs 250/- per month for children pensioners w.e.f. 01.09.2014,” the minister said.The minister said the government has no plans to officially change the current pension policies. She affirmed that the EPS 95 scheme provides seniors with comprehensive social security coverage.The minister stated that the inclusion of health services in response to questions about other perks under the updated EPS 95 plan. However, no thorough details have been given about the implementation or extent of these advantages.She further said that EPS 95 case investigations and evaluations are being conducted as needed. Although exact details regarding an updated pension issuance date or the number of beneficiaries have not been made public, the particulars of these cases and their outcomes vary from state to state. This lack of information applies to questions about states like Uttar Pradesh and Maharashtra.

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