In November 2022, the Supreme Court gave a verdict to the people coming under EPFO in the country to get high pension according to the need of time. Following this decision, EPFO made rules and started benefiting the high pension to the people. Now soon 1.65 lakh pensioners will start getting the benefit of high pension, while thousands of people have got this benefit so far.
The government gave information about this in Parliament on Monday. The government said that 21,885 payment orders of high pension have been released in the country. EPFO (Employees Provident Fund Organization) has completed its exercise. While 1.65 lakh people have been considered eligible for high pension and they have been asked to deposit extra amount for more pension.
People of EPS-95 benefit
Minister of State for Labor and Employment in Parliament, Shobha Karandalaje gave this information to the Lok Sabha in response to a question. He said that pensioners applied to get high pension under EPFO's Employees Pension Scheme-1995 (EPS-95). EPFO received a total of 17,48,768 applications. Out of these 17.48 lakh applications, in 1,65,621 cases by January 28, 2025, the demand notice has been sent to the members for the eligibility of high pension. While 21,885 pension payment orders have been issued so far.
He informed that close watch is being done on disposal of outstanding cases. Instructions have been issued to local authorities to speed up this process. This exercise is being done on the basis of an order given by the Supreme Court on 4 November 2022.
What is EPS-95?
EPFO keeps presenting a variety of pension schemes in view of the needs of the time. For example, new pension scheme and universal pension scheme are running in the country. Similarly, under the Old Pension Scheme, EPFO introduced the EPS-95 pension scheme in 1995. There was a provision to give pension to government employees above 58 years of age in this system. One part of the money you deposit during the job in EPFO goes to EPF account i.e. your provident, while a fixed part goes to your pension account. This money becomes so much after computing that the government gives you pension on the basis of it.
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