EPFO Board Meeting Begins Tomorrow: Minimum Pension Hike Under EPS-95 Scheme, EPFO 3.0 Reforms Likely

The Central Board of Trustees (CBT), the highest decision-making body of the Employees' Provident Fund Organisation (EPFO), is set to hold a crucial meeting in Bengaluru on October 10 and 11. One of the major proposals on the table is an increase in the minimum monthly pension under the Employees' Pension Scheme (EPS-95) from the current Rs 1,000 to Rs 2,500.

EPFO Board Meeting Tomorrow On October 10 and 11 in Bengaluru

The EPFO meeting on October 10-11 is expected to cover several key issues, with the top agenda items including a proposal to increase the minimum monthly pension under EPS-95, the rollout of EPFO 3.0 for complete digital transformation and discussions on investment policy, fund structure and service improvements for members and pensioners.

EPFO 3.O Reforms: Expected Key Agenda To Discuss in EPFO Meeting

In addition to the pension hike, the meeting will also focus on the EPFO 3.0 initiative-a comprehensive plan to digitise the organisation's services. The digital overhaul aims to make EPFO paperless and more efficient. Proposed features include real-time claim settlement, UPI-enabled or ATM-based direct PF withdrawals, online correction of member details, seamless death claim settlements and automatic data integration from employers.

The board is also expected to discuss other important issues, such as the organisation's investment policy, the structure of the pension fund, and possible enhancements to the grievance redressal system. These discussions could have far-reaching impacts on EPFO's more than 7 crore active members and nearly 75 lakh pensioners.

EPFO To Revise Rs 1,000 Minimum Pension Under EPS-95 Scheme After 11 years?

Introduced in 1995, the EPS-95 scheme has guaranteed a minimum pension of Rs 1,000 per month since it was last revised in 2014. If approved in the board meeting, this would mark the first hike in over a decade, addressing long-standing demands from pensioners and trade unions.

Over the years, numerous employee organisations and pensioners' groups have raised concerns about the inadequacy of this amount, especially in light of inflation and rising living costs. Some have even demanded that the minimum pension be increased to Rs 7,500. While the Rs 2,500 figure is being seriously considered, any final decision would still need clearance from the central government.

Who Is Eligible for EPS-95 Pension?

Eligibility for pension under EPS-95 requires at least 10 years of continuous service. Regular pension payments begin at the age of 58, although those who leave the scheme earlier may receive a reduced pension or withdrawal benefits.

While the board's recommendations will require government approval before implementation, the decisions made during this meeting could significantly shape the future of social security benefits in India.