Good news for millions of pensioners; Modi government may increase the amount by up to 8 times in the budget.

New Delhi: The Modi government may deliver significant good news to over 6.5 million pensioners in the country in the upcoming budget. The government is considering increasing the EPS-95 pension from ₹1,000 to ₹9,000. If this happens, the pensions of over 6.5 million retirees will increase by 800%. Trade union leaders have repeatedly reiterated their demand for an increase in the minimum pension in meetings with the government before the budget. They also requested that it be linked to dearness allowance.

The Government Employees’ Pension Scheme (EPS-1995) is a social security pension scheme funded by employer contributions and government support. Currently, a portion is contributed by the employee and a portion by the government. The government currently provides only ₹1,000 under this head. If approved in the upcoming budget, the 800 percent increase will provide a substantial amount to retired employees. Final approval is awaited. An official notification will be issued soon for further details.

According to a Zee News report, the government may increase the minimum pension under the Employees’ Pension Scheme (EPS-1995) from ₹1,000 to ₹9,000 per month. In recent pre-budget meetings, trade union representatives have urged the Finance Ministry to implement this change for beneficiaries under EPS-1995. They have proposed that the revised minimum pension should also be linked to dearness allowance (DA) to ensure that the pension can be used for inflation. Given rising costs, many believe this amount is no longer sufficient to meet basic needs.

If this proposal is approved in the upcoming budget, the minimum monthly pension for pensioners under EPS-1995 will increase to ₹9,000 – a significant increase of 800 percent, providing them with much-needed financial relief. This increase is currently under consideration. It will only be implemented after the government approves it in the budget. Pensioners can expect a significant increase in their monthly income under EPS-1995.