Around 97,000 EPF members to receive higher pension under EPS; How to track status of higher EPS pension application

Under the Employees' Pension Scheme, 1995, approximately 97,640 PF (Provident Fund) members and pensioners nationwide are anticipated to receive pensions on higher wages (PoWH), according to a news report in The Hindu.

It further said that the aggregate amount was calculated by adding the number of people (8,401) who were issued pension payment orders (PPO) to the number of people (89,235) who received demand notices. Only individuals declared qualified for pension on higher salaries, in accordance with the Supreme Court's decision in November 2022, are receiving demand notices forcing future beneficiaries to transfer their portion of arrears.

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What is the higher EPS pension option?

When an employee chooses a higher pension option, they are choosing a higher employer contribution to the pension plan. The Provident Fund Scheme's corpus decreases to the extent that employer contributions are distributed to the Pension Scheme based on increasing salaries. Employees who were members of the EPF as of September 1, 2014 can opt for the higher pension option.

The extra amount is placed in a different pension fund, which gradually accrues interest. This raises the total amount of pension that has been accrued.

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Here is how to track higher EPS pension application status on Member Sewa portal

How to track status of EPS higher pension applications

When you finish the higher EPS application process on the EPFO portal, you will be sent an acknowledgment receipt. After you submit the form, the EPFO provides a URL to follow your application. You can follow the development of pension claims for higher income.

Step 1: Visit https://unifiedportal-mem.epfindia.gov.in/memberInterfacePohw/
Step 2: Click on ‘track status of EPS higher pension applications’
Step 3: In the next page, enter following details
Acknowledgement number
UAN
PPO Number and Captcha code
Step 4: Click the check box to give consent to provide my Aadhaar Number, Biometric and/or One Time Pin (OTP) data for Aadhaar based authentication for the purpose of establishing my identity.
Step 5: Click on ‘Get OTP’.

What will be the applicable formula for member pension calculation?

The pension calculation will be as per para 12 of EPS 95. The date of commencement of pension will determine the applicable formula for calculation of pensionable service, pensionable salary and pension.

Calculator for higher EPS pension
Employees' Provident Fund Organisation (EPFO) has made an Excel utility-based calculator available for estimating the amount of dues that may need to be paid from one's EPF balance or personal savings.

How to download EPFO’s Excel calculator for higher pension

An employee can get this calculator from the Member Sewa portal of the EPFO, by clicking on the pension application link. The calculator is available under the ‘Important links’ head. An employee must be aware of the date they joined the Employees' Provident Fund (EPF)scheme in order to use this calculator. The wage amount from the employee's date of EPF scheme enrollment or November 1995, whichever is later, must be entered.