Employees’ Provident Fund Organisation will announce some pension hike for millions of retirees and, as such, relief would be forthcoming from financial stresses for the pensioners who have relied on their EPFO pensions for sustenance after their retirement.
Benefits Derived From EPFO Pension Increase:
- Increased Pension Amount: Raising the monthly pension amounts paid under the Employees’ Pension Scheme (EPS), the EPFO reported that the exact percentage hike will differ as per pensioners; however, the monthly income of pensioners will have a noticeable impact in bringing about change.
- Effective From: The increased pension amount shall apply from the year, thus giving immediate benefitting to pensioners.
- Reason: therefore, the hike was intended to combat inflation and increasing cost of living.
What Is The Increase In The Pension?
The revised pension structure is likely to increase the lowest pension amounts to ₹7,500 per month, formerly the amount disbursed on a monthly basis. Besides, retirees will get benefits in proportion to their contributions whose salary contributions are higher.
The unions of pensioners are appreciating the move since this long sought demand of the pensioners came with an increase in the lowest amount of pension. This is because with a consumer price index that is getting higher and higher, the newly revised amount is expected to provide at least some social protection to its retired employees.
Who Else Will Benefit From The Hike?
- EPS Pensioners: The Crescents will include all persons who, at present, are members of the Employees’ Pension Scheme and receive a pension from that scheme.
- Private sector retirees: These will also be employees working under private organizations but have made an EPFO contribution throughout their working life.
- Dependent pensioners: These dependent pensioners would also benefit from the hike.
Check Revised Pension Amount?
Pensioners may ascertain the revised amount by accessing the EPFO member web portal or through the Umang app. They would login using their Universal Account Number (UAN) to get all pension-related details, including updated disbursements.
Conclusion
Hence, this can be termed as a budgetary saving EPFO pension hike for millions of retirees for improving their standard of living in old age. Pensioners must, therefore, stay alert for today’s updates on EPFO notifications since the new pension will soon be disbursed to beneficiaries. Further queries can be directed to the nearest EPFO office or the official website for additional information.
Continue Watching for Pension Updates and Financial News Announcements.
Also Read: Retirement Age Update: Major Announcement For Central Government Employees