EPS Pension Scheme Rules 2023: Multifold increase in pension
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New relief for private sector employees soon.
Under the Employees Pension Scheme-95, the pension can be increased by 333%.
The maximum pension under the Employees Pension Scheme is fixed at Rs 15,000.
The sealing of the pension case is pending with the Supreme Court bench. It has been heard on many levels. The union is constantly demanding that the pension limit be abolished.
The decision is going to come soon, if this decision comes in favor of the employees, then there is every chance of increase in their pension.
With the decision, it is possible to increase the pension of the employees by up to 300%. The condition of getting pension under EPS is that it is necessary to contribute to the Employees' Provident Fund Organization for 10 years. Whereas, after completing 20 years of service, a weightage of 2 years is given.
Basic Salary + DA is 20 thousand rupees. Calculating from the pension formula, his pension will be Rs 4000 (20,000X14)/70 = Rs 4000. There can be a jump of 300% in the EPF pension of such people.