EPFO Update: Know How To Get Higher Pension Under EPS. Check Guidelines & Eligibility Here
EPFO Update : The EPS amendment of August 22, 2014 allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS.
EPFO Update : Employees Provident Fund Organisation (EPFO) has opened a new window for subscribers who couldn’t opt for higher pensions earlier through guidelines issued on Monday. The EPFO laid out a procedure for eligible employees to submit applications for higher pensions under the Employees Pension Scheme (EPS). The deadline to apply for a higher pension under EPS is March 3, 2023. This deadline was mandated by the recent Supreme Court in its judgment dated November 4, 2022.
EPFO Update : What’s changed?
The EPS amendment of August 22, 2014, raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS.
The pension regulator then provided all EPS members with a six-month window to opt for the amended scheme for higher pension. However, several subscribers missed this opportunity.
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Earlier in November 2022, the Supreme Court upheld the Employees Pension (Amendment) Scheme 2014. Hence, a new window has been provided based on a Supreme Court judgment in November last. “…all the employees who did not exercise option but were entitled to do so but could not due to the interpretation on cut-off date by the authorities ought to be given a further chance to exercise their option,” the apex court said in its judgment dated November 4, 2022.
EPFO Update : Who can apply?
According to the recent EPFO circular, the following employees along with their employers can submit the joint option to the concerned regional office –
Employees and employers who had contributed on salary exceeding the wage ceiling of Rs 5,000 or Rs 6,500.
Employees and employers who did not exercise the joint option in the previous window while being EPS members
Employees who were members before September 1, 2014, and continued to be a member on or after that date.
EPFO Update : Know how to apply?
An eligible subscriber will be able to exercise the joint option before the regional provident fund office on the joint option form.
Also, note that more details related to timelines of the application process will be provided by the Regional PF Commissioners soon. These applications will be digitally logged, for which a separate URL facility will be given by the EPFO.
EPFO Update : Check the guidelines to be followed for applying for a higher pension
The request will be made in such form and manner, as may be decided by the Regional Provident Fund Commissioner.
The joint option will contain the disclaimer and declaration as may be specified therein.
-In case of share requiring adjustment from Provident Fund to pension Fund and if any redeposit to the fund, explicit consent of the employee will be given in the joint option form. ‘
In case of transfer of funds from exempted provident fund trust to pension fund of EPFO, an undertaking of the trustee shall be submitted. The undertaking shall be to the effect that due contribution along with interest up to the date of payment, will be deposited within the specified period.
In case of employees of unexempted establishments, refund of requisite employer’s share of contribution, the same shall be deposited with interest at the rate declared under para 60 of EPF Scheme, 1952, till the date of actual refund.
The join option must contain the proof of remittance of employer’s share in Provident Fund on higher wages exceeding the prevalent wage ceiling of Rs 5000/Rs 65000 and proof of joint option under Para 26 (6) of EPF Scheme duly verified by the employer.
The application will land into the employer’s login whose verification with Digital Signature/e-Sign will be essential for further processing.
EPFiGMS (grievance portal) can be used to register grievances after submitting the joint option form and paying due contributions, EPFO said in the circular.
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