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EPFO: Will you get higher pension? If you have applied then check the status like this

Financial Express | November 5, 2024 11:04 AM CST

EPFO: Around 97,000 PF members and pensioners across the country covered under the Employee Pension Scheme (EPS 1995) are waiting for higher pension. If you have applied, you can check the status with the help of the steps given here.

How to track status of higher EPS pension application: About 97,000 EPFO members and pensioners across the country covered under the Employee Pension Scheme (EPS 1995) are waiting for pension on higher wages i.e. Pension on Higher Wages. This information has come to light quoting an old news. The report said that this number includes 8,401 Pension Payment Orders (PPOs) and 89,235 people who have received demand notices. The report also said that demand notices have been sent only to those who have been found eligible for Pension on Higher Wages, which is in line with the Supreme Court's decision in November 2022, forcing future eligible beneficiaries to transfer part of their dues. What is the option of pension on higher wages in EPS? Let's know.

What is the option for pension on higher salary in EPS?

When an employee chooses the higher pension option, he opts for higher employer contribution in the EPS pension plan. The corpus of the Provident Fund scheme is reduced to the extent the employer contribution is distributed to the pension plan based on the increasing salary. Employees who were EPF members as on 1 September 2014 can choose the higher pension option. The extra amount is kept in a separate pension fund, which gradually grows with interest. This increases the total pension amount.

How to check the status of EPS Higher Pension Application?

Around 97,000 PF members and pensioners across the country covered under the Employee Pension Scheme (EPS 1995) are waiting for higher pension. If you have applied, you can check the status with the help of the steps given here.

After completing the application process for pension on higher wages under EPS on the official website of Employees Provident Fund Organization (EPFO), you must have received a receipt. EPFO has provided a URL to check the application status after filling the form. If you have claimed for higher pension, then you can check your application status with the help of these steps.

First of all go to EPFO Member e Seva Portal.
Now scroll down the screen a bit and click on Track application status for Pension on Higher Wages visible on the left side
Now fill the required details like Acknowledgement number, UAN, PPO Number and captcha code.
Click on the check box to give consent to provide Aadhaar number, biometric or One Time PIN (OTP) data for Aadhaar based authentication for the purpose of establishing your identity.
Now click on 'Get OTP' button.

What is the formula for calculating pension?

The pension will be calculated as per paragraph 12 of EPS 95. A specific formula forms the basis for calculating the pension, and this requires the date of commencement of pension, pensionable salary and pensionable service.