Another good news for EPFO members. To make sure that those covered by EPFO in the country receive a higher pension that meets current needs, the Supreme Court issued a ruling in November 2022. Following this, EPFO established new rules and began offering the benefits of increased pensions. Soon, around 165,000 pensioners will start enjoying these higher pensions, with thousands already benefiting from the changes.
The government shared this update in Parliament on Monday, stating that 21,885 payment orders for the higher pension have been issued nationwide. EPFO has wrapped up its processes, and 165,000 individuals have been deemed eligible for the increased pension, with instructions to contribute additional funds for the upgrade.
Those under EPS-95 will see the benefits. In Parliament, Minister of State for Labor and Employment Shobha Karandlaje provided this information to the Lok Sabha in response to a query, noting that EPFO received a total of 17,48,768 applications from pensioners seeking higher pensions under the Employees’ Pension Scheme-1995 (EPS-95).
As of January 28, 2025, out of the 17.48 lakh applications, demand notices have been issued in 1,65,621 cases, requesting members to deposit the remaining amount needed for eligibility for a higher pension. So far, 21,885 pension payment orders have been processed.
He mentioned that the resolution of pending cases is under close observation. Local authorities have been instructed to expedite this process, following a directive from the Supreme Court on November 4, 2022.
What is EPS-95?
The EPFO regularly launches various pension schemes to meet evolving needs. Currently, the New Pension Scheme and Universal Pension Scheme are operational in the country. Additionally, the EPS-95 pension scheme was introduced in 1995 under the Old Pension Scheme, which provides pensions to government employees aged over 58.
When you contribute to the EPFO during your employment, a portion of your deposit goes into your EPF account (Provident Fund), while another fixed portion is allocated to your pension account. This accumulated amount is then used by the government to calculate your pension.