EPS Pension Scheme – A growing number of retirees under the Employees’ Pension Scheme are calling for a significant hike in their monthly pension. With prices of basic goods and services continuing to climb, many pensioners are finding it tough to make ends meet on their current income. This has led to renewed demands for the government to step in and raise the minimum pension amount.
Current Situation: Not Enough to Get By
At the moment, the minimum pension provided under the Employees’ Pension Scheme (EPS) is just one thousand rupees per month. For many, this amount barely covers the most basic daily needs, let alone any unexpected expenses like health emergencies or rising food and utility costs.
Pensioners, especially those who spent decades working in the private sector, feel the current pension amount does not reflect the economic realities of today. Inflation, increased healthcare costs, and overall living expenses have made survival on such a small income nearly impossible.
Push for an Increase to Seven Thousand Five Hundred
In response to growing pressure, the government is now thinking about increasing the minimum monthly pension to seven thousand five hundred rupees. This move comes after persistent campaigning by pensioners’ associations and retirees’ groups, especially those under the EPS-95 category.
During a recent pre-budget consultation, a group representing EPS-95 pensioners met with Finance Minister Nirmala Sitharaman. Their demands included not only an increase in the pension amount but also the introduction of a regular cost-of-living adjustment, known as a dearness allowance, and access to free healthcare for retirees and their spouses.
A Quick Look at the EPS Scheme
The Employees’ Pension Scheme was introduced in 1995 to provide a financial safety net for employees working in the organized sector after retirement. The scheme requires both employees and employers to contribute a part of the monthly salary to the pension fund.
Although the government did announce a minimum monthly pension of one thousand rupees back in 2014, many pensioners are still getting less than that amount due to calculation issues and irregularities in contributions. Reports indicate that more than thirty-six lakh pensioners are receiving monthly pensions below the minimum threshold, pointing to deep flaws in the system.
Differing Opinions Among Stakeholders
While the EPS-95 National Agitation Committee has remained firm on the demand for a minimum pension of seven thousand five hundred rupees, not everyone agrees. Some trade unions have suggested a more moderate increase to five thousand rupees per month. However, many pensioners believe this smaller hike does not reflect the real cost of living today and would not go far enough to ease their financial stress.
This difference of opinion has caused frustration among pensioners, who feel their voices are not being fully heard. For many, the thought of continuing to live on such a small income is disheartening, especially after contributing to the workforce for decades.
What a Pension Increase Could Mean
If the government approves the proposed hike to seven thousand five hundred, it could be a game changer for millions of retirees. Such an increase would allow pensioners to live with more dignity and independence. They wouldn’t have to rely so heavily on family members or worry about every small expense.
It would also boost morale and bring a sense of respect back to the lives of those who spent years contributing to the economy. Access to proper healthcare and a better monthly income could drastically improve their quality of life.
Still Waiting on Final Decisions
Though discussions are ongoing, no final decision has been made yet. The government is carefully weighing the financial implications, but the pressure to act is growing. Many believe it is time for a meaningful reform that puts retirees’ needs front and center.
Raising the minimum pension under the EPS could send a strong message—that the country values the contributions of its elderly citizens and is committed to supporting them in their retirement years. With continued advocacy from pensioner groups and support from the public, there is hope that a more sustainable and humane pension policy could soon become a reality.