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EPFO Verifies 1.7 Million Applications for Higher EPS Pension

SMEConnect-Desk

December 17, 2024

Economy

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More than 1.7 million employees have opted for a higher pension under the Employees’ Pension Scheme (EPS-95) following a landmark Supreme Court ruling. The ruling allows eligible employees to contribute to the scheme based on their actual salary, rather than a fixed cap.

The EPS-95, a social security scheme for organized sector employees, has traditionally limited contributions to Rs 15,000 per month. The recent change enables employees to potentially increase their future pension benefits.

To facilitate this process, the EPFO has introduced an online platform for submitting joint options. The Labour Ministry is also considering further reforms to the EPS-95, potentially allowing for increased member contributions.

Source : EPFO news: 1.7 mn employees under EPS 95 opt for higher EPS contribution – BusinessToday

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