In a pathbreaking case, the Supreme Court granted an enhancement in the monthly pension for pensioners of EPS-95. Accordingly, all the qualified pensioners shall receive a minimum monthly pension of ₹7,500 plus DA. This increase will prove to be a boon for over 6 lakh pensioners of the country.
Why The Change Was Required
EPS-95 under EPFO left many retirees with very low pensions, sometimes even as meagre as ₹1,000 to ₹2,000 per month. Pensioners had wanted a reasonable revision for inflation and rise of living costs.
The Relief Won By The Supreme Court
It was this judgment in which the apex court has ensured that a base pension of ₹7,500 shall be paid to all EPS-95 pensioners and for the first time ever, their pension shall have DA added to it, which is adjusted for inflation. This will give economic sustenance to retired employees who depend solely on their pension for their livelihood.
Implementation Process Underway
An official of the Ministry of Labour and Employment has stated that the EPFO has already started implementation of the revised pension scheme. The Regional Offices of the EPFO have been instructed to ensure that the pensioners’ details are properly updated and verified/de-verified if ridiculous to enable smooth and effective remittance of revised payments.
What Pensioners Need To Do
The EPS-95 pensioners are being advised to ensure that the following items are updated with the EPFO:
- Aadhaar Number
- Bank Account Details
- Digital Life Certificate (Jeevan Pramaan)
If all documents have already been submitted, the pensioners have nothing more to do. The pension amount is expected to be credited to their bank accounts in the coming months.
A Step Toward Dignified Retirement
The Referendum is being seen as a major victory for social justice and senior citizens’ rights. After years of protests and litigation, pensioners can expect to have a more secure and dignified post-retirement life.
Also Read;New RS 3,500 Monthly Scheme For Seniors: Who Qualifies And How To Apply