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EPS Update: The demand for implementing the enhanced pension under EPS-95 immediately is growing as the matter was raised in the Lok Sabha by a member of parliament on Monday. N K Premachandran, a member of the Revolutionary Socialist Party, demanded that the government should immediately implement the enhanced pension scheme as approved by the Supreme Court . On November 4, 2022, the Supreme Court ruled in favour of existing employees being able to opt for a higher pension under the Employees’ Pension Scheme (EPS), 1995. Raising the issue during Zero Hour, Premachandran highlighted that employees are entitled to a higher pension under EPS 1995. As of August 7, 2024, out of 17,48,775 applications for higher pensions, the EPFO has approved higher pensions for only 8,401 subscribers. Also read: EPFO Update: Govt to increase minimum pension amount under Employees’ Pension Scheme? Here’s what FinMin says As many as 1.749 million members of retirement fund body EPFO have applied for the option to contribute on their actual (higher) basic pay for eventually getting higher pension after an apex court order in November 2022, Parliament was informed on Monday. Presently, these applicants are either contributing or contributed on fixed threshold of Rs 15,000 per month, irrespective of their higher actual basic wages. “In implementation of the judgement on November 4, 2022 passed by Supreme Court, an online facility was provided by EPFO, wherein total 17.49 lakh applications for Validation of Option/Joint Options were successfully submitted by the applicants,” stated Minister state of Labour & Employment Shobha Karandlaje. Also read: EPS Pension Calculator: Maximum pension to be doubled to Rs 15000 if EPFO considers THIS new proposal! On November 4, 2022, the Supreme Court ruled in favour of existing employees being able to opt for a higher pension under the Employees’ Pension Scheme (EPS), 1995. The Employee Pension Scheme 1995 (EPS-95), which the Employees’ Provident Fund Organisation (EPFO) introduced on November 19, 1995, is a social security initiative intended to cater to the retirement needs of employees in the organised sector. Administered by the EPFO, this scheme guarantees pension benefits to eligible employees who reach the age of 58. None
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