With over 97,000 employees and retirees eligible for higher pensions under the Employee Pension Scheme (EPS) 1995, thousands of EPFO members are waiting for updates on their pension applications. This is part of a push towards pension on higher wages, benefiting those who qualify as per the Supreme Court’s directive from November 2022.
If you’re one of the members who opted for higher EPS pension, here’s a straightforward guide on how you can track the status of your application using EPFO’s online portal.
What Is the Higher Pension Option in EPS?
When members opt for a higher EPS pension, they agree to a greater employer contribution towards their pension plan. Instead of the entire employer contribution going into the Provident Fund (PF), part of it goes towards a separate EPS pension fund based on the employee’s higher salary. This effectively increases the pension amount over time, with accrued interest benefiting members who were actively part of the EPS as of September 1, 2014.
Checking EPS Higher Pension Status: A Step-by-Step Guide
If you have completed your application for higher EPS pension, EPFO allows you to monitor its status through its e-Seva Member Portal. Follow these simple steps to track your higher pension claim:
- Visit the EPFO Member e-Seva Portal
Open your browser and navigate to the EPFO Member e-Seva portal at https://unifiedportal-mem.epfindia.gov.in. Ensure you are using a secure and updated browser. - Find the Track Application Option
Scroll down slightly on the homepage until you see the “Track Application Status for Pension on Higher Wages” option on the left side. Click on this link to access the status-checking section. - Enter Required Details
Fill in the necessary information, including your Acknowledgment Number, Universal Account Number (UAN), PPO Number, and the captcha code displayed on the screen. This will ensure accurate identification of your application. - Consent for Aadhaar Authentication
You’ll see a checkbox for consent to use your Aadhaar number and other identification for authentication purposes. Select this box to authorize EPFO to verify your identity using Aadhaar. - Request an OTP
Click on the “Get OTP” button. An OTP (One-Time Password) will be sent to your registered mobile number associated with your Aadhaar. Enter the OTP on the portal to proceed. - Check Status
Once authenticated, the portal will display the current status of your EPS higher pension application. This includes updates on any actions required or approval steps completed.
Demand Notices and Next Steps for Higher Pension Applicants
As per recent reports, EPFO is sending demand notices to eligible members, including retirees who meet EPS higher pension criteria. Demand notices inform applicants of the additional contributions needed to fund the higher pension, aligning with the Supreme Court’s ruling that mandates the transfer of outstanding dues for eligible members.
Formula for Calculating EPS Pension
The EPS pension calculation is based on factors such as pensionable service duration, the pensionable salary, and the date your pension begins. This calculation follows the EPS 95 guidelines under paragraph 12. The formula is as follows:
Monthly Pension = (Pensionable Salary x Pensionable Service) ÷ 70
Here, Pensionable Salary is the average of your last 60 months’ salary, and Pensionable Service is the total years of service under EPS.
Using this formula, employees can estimate their higher pension benefits based on salary changes and contributions over time.
Frequently Asked Questions on Higher EPS Pension
- Who can choose the higher pension option?
Employees who were members of EPF as of September 1, 2014, can choose the higher pension option, provided they meet other EPS eligibility criteria. - How long will it take to receive pension updates?
Once demand notices are issued and any additional contributions are made, EPFO processes the application, typically over a few months.
By tracking your application and understanding the steps involved, you can stay informed about your EPS higher pension claim and the benefits you are eligible to receive.
