EPFO: EPFO account holders will now be entitled to more pension for crores of employees working in the private sector. Recently, the Employees Provident Fund Organization has given an option to these account holders. Let us know…
New Delhi: Crores of EPFO account holders working in the private sector will now be entitled to higher pension. Because the Employees Provident Fund Organization has given the option to give more pension to EPS account holders.
For this, EPFO has issued new guidelines for account holders. However, this option will be available only to those employees who were members of EPF on 31 August 2014.
Giving complete information, EPFO told how the members of Employee Pension Scheme (EPS) should apply for higher pension. The last date to apply for higher pension under EPS is March 3, 2023.
However, this option will be available only to those employees who were members of EPF on August 31, 2014 and have not chosen the option of higher pension under EPS. According to the guidelines,
EPFO has allowed EPS members to exceed the limit of pensionable salary by Rs 15,000 per month. With the new process of EPFO, subscribers and their employers will be able to jointly apply for higher pension under EPS. This means that now members can contribute 8.33 percent of their basic salary.
Are you eligible for higher pension from EPFO?
EPFO has accepted the request for higher pension of those employees who have compulsorily contributed more salary to the pension scheme under the EPF scheme.
And have chosen the option of increased pension coverage before your retirement. EPFO said that employees who had contributed salary in excess of the then salary limit of Rs 5,000 or Rs 6,500.
And those employees who had opted under EPS with the revised scheme while being members of EPS-95 are eligible for higher pension coverage.
Offline application process
- To get more pension, the EPS member will have to go to his nearest EPFO office.
- There they will also have to submit some documents along with the application.
- The application will have to be submitted as per the method and format prescribed by the Commissioner.
- There will also be a disclaimer and declaration in the joint option.
- After the application is submitted, it will be dealt with as per the circular.
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