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EPS: Waiting for higher pension? This way check status if you’ve applied – Times Bull

EPS: Waiting for higher pension? This way check status if you’ve applied

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EPS: Approximately 97,000 EPFO members and pensioners nationwide enrolled in the Employee Pension Scheme (EPS 1995) are awaiting pensions based on elevated salaries, known as Pension on Higher Wages. This information has surfaced, referencing a previous news story. The report indicated that this figure comprises 8,401 Pension Payment Orders (PPOs) and 89,235 individuals who have been issued demand notices. The report indicated that demand notices were dispatched exclusively to those deemed eligible for Pension on Higher Wages, aligning with the Supreme Court’s ruling in November 2022, which requires future eligible beneficiaries to allocate a portion of their dues.

What are the choices for pension on increased salaries in EPS? Let find out. When an employee selects the elevated pension choice, he elects for a greater employer contribution in the EPS pension scheme. The corpus of the Provident Fund scheme decreases as the employer contribution is allocated to the pension plan according to the rising salary. Employees who were EPF members as of 1 September 2014 have the option to select the higher pension choice.

The additional sum is stored in a distinct pension fund, which incrementally increases with interest. This raises the overall pension sum. Approximately 97,000 PF members and pensioners nationwide who are part of the Employee Pension Scheme (EPS 1995) are anticipating an increased pension. If you have submitted an application, you can verify the status by following the steps provided here.

Upon finalizing the pension application for elevated wages under EPS on the official portal of the Employees Provident Fund Organization (EPFO), you should have obtained a receipt. EPFO has given a link to verify the application status after completing the form. The pension will be computed according to 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.

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