About 97,000 EPFO members and pensioners across the country covered under the Employee Pension Scheme (EPS 1995) are waiting for a pension on higher wages i.e. Pension on Higher Wages. This information has come to light quoting a piece of old news. The report said that this number includes 8,401 Pension Payment Orders (PPOs) and 89,235 people who have received demand notices. The report also noted that demand notices have been sent only to those found eligible for Pension on Higher Wages, which is in line with the Supreme Court decision in November 2022, allowing future eligible beneficiaries to receive their share of their dues. Being forced to move. What is the option of pension on higher wages in EPS? Let us know about this
What is the option for a pension on a higher salary in EPS?
When an employee chooses the higher pension option, he chooses higher employer contribution in the EPS pension plan. The corpus of the Provident Fund Scheme is reduced to the extent the employer contribution is distributed in the pension plan based on increasing salary. Employees who were members of EPF on 1 September 2014 can choose the higher pension option. The extra amount is kept in a separate pension fund, which gradually increases with interest. This increases the total pension amount.
How to check the status of EPS higher pension application?
Around 97,000 PF members and pensioners across the country covered under the Employee Pension Scheme (EPS 1995) are waiting for higher pension. If you have applied, you can check the status with the help of the steps given here.
To complete your application process for a higher pension under EPS via the official Employees Provident Fund Organization (EPFO) website, you should have received a receipt. EPFO has provided a URL to check the application status.
If you’ve applied for a higher pension, follow these steps to check your application status:
1. Go to the EPFO Member e-Seva Portal.
2. Scroll down slightly and click on “Track application status for Pension on Higher Wages” on the left side of the screen.
3. Enter the required details, including your acknowledgement number, UAN, PPO Number, and the captcha code.
4. Check the box to consent to provide your Aadhaar number, biometric data, or OTP for Aadhaar-based authentication to verify your identity.
5. Click the “Get OTP” button.
You can now track the progress of your application.
What is the formula for calculating pension?
The pension will be calculated as per paragraph 12 of EPS 95. A specific formula forms the basis for calculating the pension, and this requires the date of commencement of the pension, pensionable salary and pensionable service.