Rs 7,000 EPS Pension With DA Cleared: Check Eligibility And Payment Details

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This iteration brings long-awaited relief to the pensioners, and the government has set the EPS payout to ₹7,000 and Dearness Allowance for all pensioners who become eligible for pension. This buildup indeed acts as a bolt of thunder for all the EPS-95 pensioners who have been demanding an increase in their monthly pension for years.

The Pension Scheme for Employees (EPS) is the pension package set up for the retirement needs of workers, run by the Employees’ Provident Fund Organisation (EPFO). However, after 1995, EPS pensioners waited for a very nominal amount of Rs 1,000 per month under EPS-95, which was strongly criticized as totally inadequate, considering inflation and their cost of living.

EPS Pension Revised: What New?

Newly approved revision will now make eligible pensioners entitled to a minimum monthly pension of ₹7,000 and applicable Dearness Allowance (DA) in order to keep the pension with inflation. The change will benefit a huge number of retired employees from the private sector, especially those enrolled in the EPS-95 scheme.

Who Is Eligible?

The pension will be the revised pension, meaning:

  • The pensioner must be falling under EPS-95 scheme under EPFO.
  • However, the employee shall be allowed to contribute at least ten years under contributory service.
  • Retirement must have been from within a recognized establishment registered under EPFO. 
  • The new pension amount shall be payable only if the person satisfies the requirements of the EPFO for that.

When Will The New Pension Be Instant?

The Ministry of Labour and Employment may soon issue a timeline on the implementation. The sources maintain that after the final administrative clearance will be granted and coordination will be done with the authorities involved in disbursing pensions, the disbursement of revised pension along with DA may start anytime in the upcoming couple of months.

A Long-Lamented Victory

This decision is termed as a long-lamented victory for pensioners, for whose claims for just and sustainable pension support have been everlastingly put forth. It safeguards a bit against the grin in one’s face in their sunset years and somehow also counts as the government standing up for their retired workers.

Also Read:Govt Plans To Raise Retirement Age: Key Update For Central Employees

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