Higher Pension Prospects: EPFO's Leap to Secure Retirees' Future

Over 1.74 million EPFO members have applied to increase pension contributions based on actual pay after the Supreme Court's November 2022 ruling. They previously contributed based on a fixed amount. The EPFO offers social security, guaranteeing pensions under the EPS, 1995. They're enhancing public knowledge through PRAYAAS initiative.

In a significant shift following a Supreme Court ruling in November 2022, over 1.74 million members of the Employees' Provident Fund Organisation (EPFO) have applied to contribute pensions based on their actual salaries. These adjustments will enable retirees to secure enhanced pension benefits.

Previously, EPFO members contributed to pensions based on a fixed salary threshold of Rs 15,000 per month, despite their actual wages being higher. The decision allows existing employees to choose a higher pension under the Employees' Pension Scheme (EPS), 1995, a move welcomed by many in the organised sector.

This proactive approach from the EPFO seeks to transform understandings of retirement security. A part of this strategy includes the PRAYAAS initiative, ensuring members receive pension paperwork promptly. Efforts to educate the public about such benefits are regularly disseminated through platforms like YouTube, X, and Facebook.

(With inputs from agencies.)