The Employees’ Provident Fund Organisation (EPFO) is gearing up for one of its largest pension-related reforms under the EPFO 3.0 modernization programme. According to initial reports, the minimum monthly pension for EPS-95 retirees may be raised to ₹3,000 by the year 2025, granting substantial relief to the lakhs of pensioners who have been demanding revision in the pension structure for so long. The aim of the change is to enhance social security, expedite the process of benefit delivery, and assure financial stability for the retiree population with low income.
Government Considering The Increase In Minimum EPS-95 Pension
For a long time, it has been the argument of the EPS-95 pensioners that the minimum pension should be raised as they are forced to live on an amount that the government now considers inadequate. The government, which initially planned a reform, has now begun considering the proposal again, primarily due to the positive response from the pensioners’ side. As a result, the government is now considering the possibility of fixing the minimum pension at ₹3,000, which means tripling the present amount. It is expected that this move will yield benefits for more than six and half million pensioners through three ways, those are unorganised workers, low income retired workers and those who live in the rural areas. The change is at the evaluation stage, but there are strong administrative signals that a positive decision may be forthcoming soon.
EPFO 3.0: Accelerated Processing, Digital Access & Automated Services
Increase in pensions is part and parcel of the larger EPFO 3.0 scheme which is committed to total digital transformation. The new system will allow members to use a single digital platform to manage all such activities as pension updates, claim status, and calculation of benefits. The project also includes the installation of machines to speed up the verification process and thus minimize the lag in pension payments, and finally improve communication among all the EPFO offices scattered throughout the country. This whole transformation is supposed to make the pension system both more transparent and more user-friendly than before.
Higher Pension Scheme Updates Are Anticipated
In addition to increasing the minimum pension, the EPFO is also working on the enhancement of the calculations under the Higher Pension Scheme. The changes are still in the process of being confirmed for many of the retirees who have based their claims on the past contributions. In order to prevent the delays in the eligibility checks, pending applications, and contribution-based calculations, new guidelines are expected to be issued by EPFO. These alterations may increase the number of employees receiving a larger monthly pension.
When Will The ₹3,000 Minimum Pension Become A Reality?
There is still no official notification but sources claim that the decision might come in early 2025. As soon as it gets the nod, the EPFO will start the process of updating member records, issuing new pension slips, and revising payment schedules. To prevent any delay when the new pension amount is released, the pensioners are advised to keep their Aadhaar, bank, and UAN details updated.
Also Read: Retirement Age Hike 2025: Government Employees May Work Longer — Latest Update