EPFO: The Employees’ Provident Fund Organization (EPFO) has announced significant developments for pensioners who are receiving a higher pension. To date, 21,885 pension payment orders (PPOs) have been issued, and over 165,000 eligible members have been directed to make additional contributions.
Information was provided by Minister of State for Labor and Employment
This information was provided by Minister of State for Labor and Employment, Shobha Karandlaje, in the Lok Sabha. The minister reported that a total of 1,748,768 members and pensioners have applied for an increased pension under the Employees’ Pension Scheme 1995 (EPS-95). So far, demand notices have been sent to 165,621 individuals, informing them of the requirement to deposit an additional amount for the higher pension. The government has instructed all regional offices to accelerate the processing of pension cases, with ongoing monitoring of pending cases to ensure prompt resolution.
Under this scheme, employees who reach the age of 58 are eligible for pension benefits. While affiliated with EPFO, a fixed sum is contributed to the Provident Fund (PF) account each month from the employee’s salary. A portion of this contribution is allocated to the Employees’ Provident Fund (EPF), while the remainder is directed to the pension account (EPS). Upon retirement, the government calculates the pension based on the accumulated contributions, providing a monthly pension thereafter.
Initiated on February 26, 2023
The online application facility was initiated on February 26, 2023, and was extended until July 11, 2023. Subsequently, the deadline for employers to submit the joint application was extended from September 30, 2023, to May 31, 2024. Employers have been granted a final opportunity to apply for a pension based on a higher salary until January 31, 2025.