Epfo pension hike: One of India’s biggest social security programs

One of India’s biggest social security programs is the Employees’ Pension Scheme (EPS), under authority of Employees’ Provident Fund Organisation ( EPFO ). Employees under this plan get a monthly pension that is determined by their pay and length of service. The EPS, that was introduced on 16 November 1995, is intended to give organised sector workers a steady income beyond retirement. The Central Government has proposed to increase the wage ceiling under EPF and EPS 95 from Rs. 15,000 ... EPFO raises minimum pension from ₹1,000 to ₹7,500 starting April 2025. Over 78 lakh pensioners to benefit, along with 7% DA. No application needed. The demand for a pension revision gains importance as the Central Board of Trustees (CBT) of EPFO is set to meet on February 28, 2025, to finalise the interest rate on provident fund deposits for FY 2024-25. The Employees’ Provident Fund Organisation ( EPFO ) is likely to hike its wage ceiling for mandatory inclusion of employees in the Employees’ Provident Fund ( EPF ) and the Employees’ Pension Scheme (EPS) to ₹25,000 per month in the coming months, a Moneycontrol report said, quoting sources. At ...