People coming under EPFO (Employees Provident Fund Organization) in the country will now be able to get higher pension according to their need. For this, the Supreme Court had given a historic verdict in November 2022. After this decision, EPFO made rules and started providing the benefit of high pension to the people.
1.65 lakh pensioners will get benefit
The government told in Parliament on Monday that soon 1.65 lakh pensioners will start getting the benefit of high pension. Along with this, thousands of people have already got this benefit. According to the government, 21,885 payment orders of high pension have been issued. EPFO has completed its process. 1.65 lakh people have been considered eligible for high pension and have been asked to deposit additional amount for more pension.
Benefits will be available under EPS-95
In response to a question in Parliament, Minister of State for Labor and Employment Shobha Karandlaje said that pensioners had applied for higher pension under EPFO’s Employees’ Pension Scheme-1995 (EPS-95). EPFO received a total of 17,48,768 applications. Out of these, demand notices have been sent in 1,65,621 cases till January 28, 2025, i.e. notice to deposit the remaining amount to the members for eligibility for high pension. While 21,885 pension payment orders have been issued so far. He also informed that instructions have been issued to the local authorities to settle the pending cases as soon as possible.
What is EPS-95?
EPFO keeps introducing new pension schemes from time to time. Currently, New Pension Scheme and Universal Pension Scheme are running in the country. Similarly, under the Old Pension Scheme, EPFO started the EPS-95 pension scheme in 1995. Under this scheme, there is a provision to give pension to government employees above the age of 58 years. A part of the money you deposit in EPFO during your job goes to the EPF account i.e. your Provident Fund, while a part goes to your pension account. After computing this amount, the government gives you pension on that basis.