EPS-95: The government on Monday told Parliament that 17.49 lakh members of retirement fund body Employees’ Provident Fund Organisation (EPFO) have applied for the option to contribute at their actual (higher) basic pay to eventually get higher pension following the apex court’s order in November 2022.
According to the government, at present these applicants have contributed or are contributing at the prescribed limit of Rs 15,000 per month, irrespective of how high their actual basic pay may be.
17 lakh applicants applied
In a written reply to a question in the Rajya Sabha, Minister of State for Labour and Employment Shobha Karandlaje said, “In the implementation of the judgment passed by the Supreme Court on November 4, 2022, an online facility was provided by the EPFO, wherein a total of 17.49 lakh applications were successfully submitted by the applicants for verification of options/combined options.” The Supreme Court had pronounced the order in 2022
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The Supreme Court on November 4, 2022, ruled in favor of existing employees being able to opt for higher pensions under the Employees’ Pension Scheme (EPS), 1995.
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The Employees’ Pension Scheme 1995 (EPS-95), introduced by the Employees’ Provident Fund Organisation (EPFO) on November 19, 1995, is a social security initiative aimed at meeting the retirement needs of employees in the organized sector. Administered by the EPFO, the scheme guarantees pension benefits to eligible employees upon reaching the age of 58 years.
