Revision of EPF pension latest news 2018: Employee Provident Fund Organization is planning to hike the pension payments of EPF members to 2000 Rs. At present EPF members are getting a minimum monthly pension amount of 1000 Rs. In the present situation, this amount is not at all sufficient to lead a normal life. The cost of living is increasing day by day, keeping in a view of all those things employee provident fund organization plans to hike the employee monthly pension payment amount to 2000 Rs.
Even though the EPF pension becomes 2000 still it is not that much enough in present cost of living, but it will give some support to the employees after their retirement.
Summary On Revision Of EPF Pension Latest News 2018
In the year 2014, the central government has fixed the minimum pension amount for EPF members under employee pension scheme 1995 as 1000 Rs. If the central government hikes this pension to 2000 Rs then there are more than 40 lakhs of pensioners are going to get the benefit of this hike in pension and this will cost nearly 3000 crores per annum for the central government. If it happens then it is a great relief for the employees who are getting very low monthly basic wages.
For example, after calculation of monthly pension if an employee gets only 1200 Rs as pension per month then due to this hike he will get a minimum pension of 2000 Rs.
Pension Calculation Formula = Avg Salary (preceding 60 months from date of exit) X No.of yrs of service/70
Trade unions are demanding to increase the monthly pension amount of pensioners to 3000 Rs. Hope the central government and EPFO will consider their request. Do share your opinions on the planning of EPFO about hiking the EPF pension to 2000 Rs. Keep following this blog to get up to date information about revision of EPF pension latest news 2018.