New Update for EPS 95 Pension for the Year 2025: The tectonic shifts concerning EPS 95 pension schemes have occurred in the Union Budget 2025 by the Central Government. The modification plans increase the income ceiling of EPF and EPS 95 contributions from Rs 15,000 to Rs 21,000, which would give great relief to pensioners.
Introducing The Scheme
The Employees’ Pension Scheme, 1995 (EPS 95) is a social security scheme that is administered by EPFO. This fund provides financial protection to private sector employees at retirement. The minimum pension at present under this scheme is INR 1,000 per month. As per the new proposal, the maximum amount of pension will increase from INR 7,500 to INR 10,050 per month. Additionally, the minimum pension will also be proposed to increase at INR 7,500. Provision for regular dearness allowance and free medical facilities to pensioners will also be introduced.
Beneficiaries Advantages
The introduction of new measures will be a blessing for pensioners. The increase in the amount will improve the quality of life of the pensioners. Their pension will be calculated according to the new method, which states that the pension amount will be automatically increased with the increase in the salary limit. The employer’s contribution will also rise, thus strengthening the pension fund.
Types Of pensions
There are diverse forms of pension benefits under EPS 95, which include normal pension, early pension, widow pension, child pension, orphan pension and disability pension. Different eligibility requirements and benefits apply to each type of pension. The pension is computed using the following formula. It is regarded based upon the pensionable salary and duration of service. According to the new approach, pension calculation will be on average salary bases covering final 60 months.
How To Apply
An applicant can apply for pension either online or offline. An application can be made through Form 10D to the EPFO or the application can be completed through the website of EPFO. The applicant must submit all relevant documents along with the application. The changes proposed in the EPS 95 pension scheme have given a great relief to the pensioners. These changes will not only better their financial condition but also strengthen social security. This initiative of the government is an important step towards social welfare.
Also Read: EPS-95 Latest News: 78 Lakh Pensioners Will Get Good News, Minimum Pension Hike