What’s the Latest on Higher EPS Pension?
The Employees’ Provident Fund Organisation (EPFO) has processed 70% of applications under the Pension on Higher Wages (PoHW) scheme and aims to complete all cases by March 31, 2025. This announcement was made during a key meeting chaired by Labour and Employment Secretary Sumita Dawra.
Who Will Benefit from This Move?
- Employees who opted for higher pension and have already deposited the required amount.
- Workers from large PSUs, whose cases will be fast-tracked.
- Existing pensioners and EPFO members, who may see a more structured pension framework.
What Other Changes Is EPFO Making?
- Simplified Claim Process: The EPFO is working on easier partial withdrawals and faster claim settlements.
- Centralised Pension Payments: A new system allows pensioners to withdraw money from any bank, anywhere in India. In January 2025, over 69.4 lakh pensioners received their payments with a 99.9% success rate.
- Aadhaar-Based Payments: The transition to an Aadhaar-linked system will ensure direct and secure transactions.
What Is the Unified Pension Scheme?
From April 1, 2025, EPFO officers and staff can switch from NPS (National Pension System) to UPS (Unified Pension Scheme). The new scheme offers:
- Minimum guaranteed pension after retirement.
- Family pension benefits.
- Dearness relief adjustments to tackle inflation.
What’s Next for EPFO?
The organisation is undergoing a major digital transformation under EPFO 3.0 to become more tech-driven and member-friendly. By March 31, 2025, it will:
- Move to a centralised database for improved efficiency.
- Upgrade outdated software to streamline claims and payments.
What Should You Do?
If you’ve applied for a higher pension, keep track of your application status and ensure your Aadhaar-linked bank details are updated for seamless payments.
Do you think these changes will make pension processing smoother? Share your thoughts!
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