Demand to increase minimum pension to Rs 7500 under EPS, pensioners meet Finance Minister

A delegation of pensioners covered under the pension scheme of the Employees' Provident Fund Organization (EPFO) met Finance Minister Nirmala Sitharaman on Friday with demands including a minimum pension of Rs 7,500 per month with dearness allowance.

The delegation, led by Commander Ashok Raut, National President of the Employees' Pension Scheme (EPS) 95 National Movement Committee (NAC), met the Finance Minister. After the meeting, Raut said that the Finance Minister has assured the delegation that our demands will be considered sympathetically.

According to Raut, 'This assurance gives us hope. The government should announce a minimum pension and dearness allowance of Rs 7,500 in the upcoming budget. Anything less than this will fail to give a dignified life to senior citizens.'

Finance Minister Sitharaman will present the Union Budget for the year 2025-26 in Parliament on February 1. In a press conference before the meeting, Raut mentioned the plight of more than 78 lakh pensioners associated with central and state government public sector undertakings (PSUs), private organizations, and factories across the country.

He said that pensioners have been agitating for seven to eight years demanding dearness allowance as well as increasing the minimum pension from Rs 1,000 to Rs 7,500 and free medical treatment for pensioners and their spouses. Raut claimed that despite the government announcing a minimum pension of Rs 1,000 in 2014, more than 36.60 lakh pensioners are still receiving less than this amount.

The RBI on Friday said that banks must mandatorily offer fixed interest rate products in the equated installment-based personal loan segment. The frequently asked questions (FAQs) on resetting floating interest rates on equated monthly installment (EMI)-based personal loan segment also said that the circular covers all equated installment-based personal loans, irrespective of whether the interest rate is linked to an external benchmark or an internal benchmark.

The loan agreement should contain the annual interest rate/ /annual percentage rate (APR), as applicable, at the time of sanctioning of loans. Similarly, the FAQs also bring out when and how often the banks and other regulated entities (REs) should communicate with the borrower.

Any increase in EMI/tenure due to the external benchmark rate during the lifetime of the loan should be informed. Quarterly statements have to be given to the borrower showing at least the principal and interest charged till date, amount of EMI, number of EMIs remaining, and annual interest rate for a duration of the loan.