If you also work and your PF is deducted, then there is good news for you. In fact, EPFO can provide great relief to crores of employed people of the country. According to media reports, EPFO is considering increasing the minimum pension. It is believed that the minimum pension limit can be increased from Rs 1,000 to Rs 3,000.
At present, under EPS 95, accountant employees get a minimum pension of Rs 10,000. Which is being considered to be increased to Rs 3000. In fact, in view of rising inflation and changing standards of living, there has been a demand for a long time that the minimum pension limit should be increased.
Who will get the benefit?
According to reports, this decision will benefit most those pensioners whose salary was low or who had contributed to EPFO for a short period. However, there are some conditions to get pension under EPFO, only on fulfilling which one gets the benefit. The first condition in this is that the employee should have a service record of at least 10 years. Meaning, your PF should be maintained in EPFO for 10 years. Employees who are already contributing more under this scheme may get limited benefit from this increase. Those who get less pension are expected to get the most relief.
How is minimum pension decided?
Minimum pension is calculated by this formula. Your monthly pension = 70 salary x your total service. In this, the average salary of the last 60 months is taken. Those who have served more than 20 years also get additional benefits. Although no official notification has been issued by the government yet regarding the pension of Rs 3000, but discussion on this is going on at the Labor Ministry and EPFO level and a decision is expected soon. If this proposal is approved then lakhs of EPS pensioners can get great relief, especially those elderly people whose main source of income is this pension.
EPFO 3.0 can change these services
The government is also working on making the EPFO system digital and easy. Many new facilities are expected under EPFO 3.0.
1. PF withdrawal from card like ATM
EPFO members will be able to withdraw PF through debit card like facility.
2. Fast Claim Settlement
The claim process can be faster and automated than before.
3. Digital Profile Update
Information like KYC, name, date of birth can be easily updated online.
4. Pension tracking made easy
Pension status can be seen immediately through mobile app and portal.
5. AI based system
AI based systems can be implemented to prevent fake claims and speed up processing.
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