Pension hike update: There is good news for pensioners. If you also want to get more pension, you are given a special facility by the central government. If you use it, then the money you get every month will increase. You can find details about this in this post.
Those who wish to avail the benefits of the Senior Pension Scheme have to apply by June 26. This means that if you want more money in your account or get more pension, you still have a few days to apply for it. In this, more than 12 lakh people have applied so far.
EPFO provided this information
Informed about this, EPFO said that facilities have been made so that its employees do not face any kind of problem. Due to this, it has been decided to start the Senior Pension Scheme. On November 4, 2022, the Supreme Court delivered a landmark judgment on Senior Pension. For this, they were asked to choose a new option within four months.
The total amount may decrease
If you opt for a higher pension option, the lump sum amount received after retirement may decrease. But your monthly pension will increase. Experts believe that the scheme has both advantages and disadvantages. Employees with only a few years of tenure should focus on the lump sum.
How to Apply for Higher Pension
- To apply for higher pension, first go to e-seva portal.
- After that click on Pension on Higher Salary.
- Now you will reach a new page. There you will see 2 options.
- Those retiring before September 1, 2014 should opt for the first option.
- Apart from this, if you are still in that task, you should choose the second option.
- Fill details like UAN, Name, Date of Birth, Aadhaar, Mobile etc.
- Now an OTP will be sent to your Aadhaar linked mobile number and you have to enter it.
- Last week, the pension was hiked in 2014.
EPFO released its process details last week. It was said that shareholders and their employers/companies can jointly apply for higher pension under Employees’ Pension Scheme (EPS). Notably, in November 2022, the Supreme Court upheld the Employees’ Pension Scheme, 2014.
Earlier, the EPS amendment dated August 22, 2014 raised the pensionable salary limit from Rs 6,500 to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 percent of their actual salary to EPFs. EPFO has issued a circular to its field offices in this regard.
