EPFO High Pension: The benefit of high pension of Employees Provident Fund Organization (EPFO) has now started reaching the pensioners. Soon this benefit will be available to 1.65 lakh more people. The government gave this information in Parliament on Monday. Read this news…
EPFO High Pension: The Supreme Court had given a verdict in November 2022 to ensure that the people covered under EPFO ​​in the country get high pension as per the need of the time. Implementing this decision, EPFO ​​​​made rules and started providing the benefit of 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 will benefit
In Parliament, Minister of State for Labor and Employment Shobha Karandlaje gave this information to the Lok Sabha in response to a question. He said that pensioners applied to get higher pension under the Employees’ Pension Scheme-1995 (EPS-95) of EPFO. EPFO ​​received a total of 17,48,768 applications. Out of these 17.48 lakh applications, demand notice i.e. notice to deposit the remaining amount to the members for eligibility for high pension has been sent in 1,65,621 cases till January 28, 2025. While 21,885 pension payment orders have been issued so far.
He informed that the settlement of pending cases is being closely monitored. Instructions have been issued to the local authorities to expedite this process. This exercise is being done on the basis of an order given by the Supreme Court on November 4, 2022.
What is EPS-95?
EPFO keeps introducing various types of pension schemes according to the needs of the time. For example, New Pension Scheme and Universal Pension Scheme are currently running in the country. Similarly, under the Old Pension Scheme, EPFO ​​introduced EPS-95 pension scheme in 1995. This system had a provision to give pension to government employees above 58 years of age. A part of the money you deposit in EPFO ​​during your job goes to the EPF account i.e. your Provident Fund, while a fixed part goes to your pension account. This money becomes so much after computing that the government gives you pension on that basis.
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