Around 97,000 EPFO members and pensioners across the country are waiting for higher pensions under the Employee Pension Scheme (EPS 1995). This includes 8,401 pension payment orders (PPOs) and 89,235 individuals who have received demand notices. The long wait for these members is about to end, as reports suggest that they will soon receive their pensions based on higher wages.
If the report is to be believed, demand notices have been sent only to those who have been found eligible for pension on higher wages, which is in line with the Supreme Court’s decision in November 2022, forcing future eligible beneficiaries to transfer part of their dues. In this article, we will explain the option of receiving a pension based on higher wages under the Employee Pension Scheme (EPS).
Higher Pension Option Under EPS
When an employee opts for a higher pension, they increase their employer’s contribution to the EPS pension plan. This reduces the Provident Fund corpus, as a portion is redirected to the pension plan.
Eligibility and Application
Employees who were EPF members as of 1st September 2014 can apply for this option. The extra contribution grows with interest in a separate fund, increasing the pension amount.
How to Check Status
- Visit the EPFO Member e-Seva Portal.
- Scroll down and click “Track application status for Pension on Higher Wages.”
- Enter the details like Acknowledgement number, UAN, PPO Number, and captcha code.
- Agree to the Aadhaar-based authentication and click “Get OTP.”
Pension calculation follows a specific formula, based on the pensionable salary, service, and start date.