EPFO issues 1.49 million higher pension orders under new rules

The Employees' Provident Fund Organisation (EPFO) has processed over 1.49 million Pension Payment Orders (PPOs) following a 2022 Supreme Court ruling. This ruling allows eligible members of the Employees' Pension Scheme (EPS-95) to opt for a higher pension based on their actual basic salary rather than a fixed limit.

Minister of State for Labour and Employment Shobha Karandlaje informed the Lok Sabha that out of 1,524,365 total applications received for higher pensions, 11,595 remained pending as of August 5, 2024. Regional offices in Telangana, Mumbai, and Maharashtra have recorded significant application volumes.

Additionally, new regulations allow members to withdraw up to 75% of their EPF balance for specific purposes, including medical treatment, education, marriage, home renovation, or unemployment. The minimum membership duration required to qualify for various advance withdrawals has been reduced to 12 months. Members can track their pension status and PPO details through the UMANG app, the official EPFO portal, or via SMS and missed calls.