The Employees’ Provident Fund Organization (EPFO) has taken a big decision for some PF members. EPFO has excluded 7.35 lakh applicants out of 17.49 lakh applicants demanding high PF pension in proportion to salary, that is, these 7.35 lakh people have been declared ineligible for high pension.
Only 24,006 Members Get High Pension – What About Others?
Even after two years of the decision taken by the Supreme Court some time ago, only 24,006 members have got the benefit of high pension till now. Meanwhile, the Employees’ Provident Fund Organization is still examining 2.14 lakh applications seeking high pension, while 2.24 lakh applications are yet to be forwarded to the pension body by the employer.
Why did EPFO take the decision?
According to a report by The Hindu, EPFO fears that it may have to spend Rs 1,86,920 crore to make payments to only 50% of the total applicants for high pension. In a note sent to the Central Board of Trustees (CBT) in a meeting recently, the pension body presented an actuarial analysis of the current situation, but the representatives of the employees called it incomplete. They demanded a detailed analysis.
EPFO Still Reviewing 2.14 Lakh Applications
EPFO has returned 3.92 lakh applications to the employer due to incomplete information, while demand letters have been issued to 2.19 lakh applicants for additional payment. Let us tell you that the settlement rate of this case across the country is 58.95 percent.
PFO’s New Rules in 2025 – What’s Changed?
Many changes were made in the rules of EPFO in the beginning of the year 2025. These changes have provided many facilities to the employees.
- According to the new rule, without any documents, one can update his/her information in EPFO. This includes name, date of birth, gender, nationality, parents’ name, marital status, spouse’s name, job start and end date etc.
- Now employer’s approval is not required for changing job or transferring PF account to another place.
- After the implementation of Central Pension Payment System (CPPS), now pension can be taken from any bank branch in the country.
- EP FO has decided to issue an ATM card to provide more convenience to the members.
- With this card, subscribers can easily withdraw money anytime in 24 hours.
- EP FO is considering allowing its members to invest in equity.
