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EPFO Higher Pension: There is important news for the employees-account holders of the Employees' Provident Fund Organization. EPFO ​​had given the employees the opportunity to choose the option of higher pension till May 2024, so now under the Employee Pension Scheme (EPS 1995), about 97,000 EPFO ​​​​members and pensioners across the country are waiting for pension on higher wages i.e. Pension on Higher Wages.

According to a report by The Hindu, about 97,640 PF members and pensioners are expected to get higher salary pension under the Employees' Pension Scheme, 1995. The Supreme Court's decision on 'pension on higher wages' after its implementation in November 2022 has not yet been implemented. Pensioners and members of the Employees' Provident Fund Organization who had opted for a 'pension on higher wages' are waiting to hear from the EPFO.

It further said that the total amount was calculated by adding the number of people (8,401) who were issued pension payment orders (PPOs) and the number of people (89,235) who received demand notices. As per the Supreme Court verdict in November 2022, only those persons declared eligible for pension on higher wages are getting demand notices, forcing future beneficiaries to transfer their share of the dues.
What is the option for a pension on a higher salary in EPS?
When an employee chooses the higher pension option, he chooses a higher employer contribution in the EPS pension plan. Employees who were members of EPF on 1 September 2014 can choose the higher pension option. The extra amount is kept in a separate pension fund, which gradually increases with interest, thereby increasing the total pension amount.
Pensioners who have retired till 31 August 2014 will not be given this benefit, while those who joined EPS on or after 1 September 2014 will get the option to get more pension.
According to the current rules of the Employees' Pension Scheme, the maximum limit of pension was fixed at Rs 15,000 only, that is, even if a person's salary is Rs 50,000, he used get the opportunity to invest only up to Rs 15,000 in pension, due to which a lot of money used to get deposited in EPF, but this limit has been increased. EPFO members till September 1, 2014, can now avail pension by depositing 8.33 percent of their basic salary. Employees who have contributed to higher wages under the Employees Provident Fund (EPF) scheme during their jobs and chose the Higher Pension Option before retirement will be given this benefit.

Under this, only those employees will be considered eligible to get the benefit, who contributed to EPS get a pension above the salary limit of Rs 5000 or Rs 6500.

How to check the status?

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 in the requested details like Acknowledgement number, UAN, PPO Number and captcha code.

Click on the check box to give consent to provide an Aadhaar number, and biometric or one-time pin (OTP) data for Aadhaar-based authentication for the purpose of establishing your identity. Now click on the 'Get OTP' button.

Let us tell you that the pension will be calculated as per paragraph 12 of EPS 95, a formula forms the basis for calculating the pension, and for this, the date of commencement of pension, pensionable salary and pensionable service are required.