The applications process for implementing the Higher Pension Scheme in the Employees’ Provident Fund Organization (EPFO) will be completed by the end of March this year. Strong indications show that members who apply for maximum pension in EPF are going to start receiving their dues from April-May this year.
The Executive Council of EPFO has informed the government that, as per the directive of the supreme court, it is fast taking action on the pension application of the EPF members at higher salaries. In line with this, EPFO is aiming to finish the processing of applications related to higher pension by March 31.
Implementation Of The Scheme In Compliance Of Supreme Court Ruling
This much-talked-about Higher Pension Scheme of EPFO is being implemented as ordered by the Supreme Court on November 4, 2022. Applying will provide pension to these who have applied, while all the cases of applications requested to give option to all the interested EPFO members to get higher pension have remained incomplete with several complications in the way.
70% Of The Applications Have Been Completed
During the 112th meeting of the EPFO Executive Working Committee, EPFO shared that update about applications concerning higher pension. In fact, it was told that among applications received under Pension on Higher Wage (POHW), about 70 percent of applications have now been completed and the target is to reach the completion of all applications by March 31.
Order Given For Expediting Pension Release
Chairing the meeting, the secretary for labor and employment, Sumita Dawra, also directed EPFO to speed up such cases for pension payment release. Earlier some months ago, while answering a question posed in Parliament with regard to delay in EPFO’s Higher Pension Scheme, the government had informed that about 22000 members have already been disbursed payments under higher pensions, whereas over 1.65 lakh members have contributed amounts required to be paid as higher pension under EPS. A total of 17,48,766 applications have been made by pensioners and active EPF members under the Higher Pension Scheme.
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