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New Delhi: The Employees Provident Fund Organisation (EPFO) has completed the verification of approximately 70% of applications received for higher pension benefits based on salary calculations on a pro-rata basis.

The EPFO's executive committee has set a deadline of March 31, 2025, for processing the remaining applications, with priority given to cases where additional contributions have already been deposited, particularly those involving large public sector institutions.

Despite the Supreme Court ruling over two years ago allowing eligible employees to receive a higher pension, only a small portion of beneficiaries have started receiving payments. The exact number of demand letters issued by EPFO remains unclear, raising concerns among applicants about delays in implementation.

Meanwhile, discussions are underway regarding a possible reduction in the interest rate on provident fund deposits for the financial year 2024-25. The upcoming meeting of EPFO's central trustee board on Friday is expected to address this issue. In the past two financial years, the interest rate has seen fluctuations, with a decline to 8.15% in 2022-23 before increasing slightly to 8.25% in 2023-24.

The verification process primarily focuses on applications that were jointly submitted by employees and employers, indicating their willingness to contribute additional funds toward securing a higher pension. While the term "processed" suggests these applications are actively under review, many beneficiaries are still awaiting final confirmation and disbursal of their revised pension amounts.

With the March 2025 deadline in place, EPFO aims to accelerate the processing of pending applications, providing relief to retirees seeking higher pension payouts. However, potential changes in PF interest rates may impact the long-term financial benefits of account holders.