Employees Provident Fund Organisation (EPFO) has issued approximately 22,000 pension payment orders for enhanced pensions under the Employees’ Pension Scheme, 1955. This information was recently conveyed to the Lok Sabha by Shobha Karandlaje, the Union Minister of State for Labor and Employment. She reported that out of the EPFO members, 1,748,768 individuals had submitted applications for increased pensions under the EPS, 1995.
Additionally, 21,885 pension payment orders have been processed, indicating that a significant number of individuals have benefited from this initiative. In compliance with the Supreme Court’s directive, the EPFO initiated the online application process for this purpose.
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Initially set to conclude on February 26, 2023, the deadline was subsequently extended to July 11, 2023. Employers were required to submit the joint applications for higher pensions by September 30, 2023, a deadline that has now been extended to May 31, 2024, and later to January 31, 2025.
What is Employees’ Pension Scheme?
The Employees’ Pension Scheme (EPS), 1955, is a social security initiative established by the Central Government. Employees with a minimum of 10 years of service are eligible to benefit from this scheme.
Under this program, financial assistance is provided upon reaching the age of 58 or in the event of untimely death. Contributions to the Pension Fund consist of 8.33% of the employee’s salary (up to a maximum of Rs 15,000) from the Provident Fund, with an additional contribution of 1.16% from the Central Government.
Following the Supreme Court’s ruling in 2022, employees now have the option to increase their contributions to this scheme based on their basic salary, which can subsequently enhance their pension benefits. Members who have applied for a higher pension can monitor the status of their applications on the EPFO website.
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This article discusses: What is Employees Pension Scheme, who will get benefits? Know in detail