EPF Higher Pension: Check Steps To Submit Application On EPFO Portal
Eligible members of EPFO can apply for a higher pension till May 3, 2023, by visiting the member e-Sewa portal to opt for a higher pension till
The Employees' Provident Fund Organisation (EPFO) on Monday extended the deadline for subscribers to opt for a higher pension till May 3. Earlier, the last date to submit the application for the higher pension under the EPS was 3 March 2023.
The EPFO issued a circular on February 20 stating that "a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put an adequate notice on the notice board and banners for wider public information".
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The retirement fund body also issued guidelines to enable subscribers and their employers to jointly apply for higher pension under EPS. Now, the retirement fund body has activated the link of the unified members’ portal which states that subscribers seeking a higher pension can apply for it.
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.
Check the steps to apply for a higher pension
1) Firstly, visit the member e-Sewa portal
2) There is an option for "Pension on higher salary: Exercise of joint option on or before May 3, 2023". Click on that option.
3) Now, select "Application form for joint options - Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 for employees who were in service prior to 1st September 2014 and continued to the in service on or after 01.09.2014 but could not exercise joint option under erstwhile provision to para 11 (3) of EPS 1995 to be exercised on or before 3rd May 2023."
4) Now, enter the details as asked on the screen i.e., UAN, Name, Date of birth, Aadhaar number, Aadhaar linked mobile number and captcha.
5) Click on "Get OTP" after which you will get a one-time password on your Aadhaar-linked mobile number. Ensure that all the details mentioned in the form are correct.
6) Click on "Submit" for the final submission of the application. An acknowledgement number will be generated on successful submission of the application form. Keep this acknowledgement number handy for future reference.
What is the present rule for EPS?
At present, both employees and employers contribute 12 per cent of the employee's basic salary, dearness allowance and retaining allowance, if any, to the employee provident fund or EPF. The employee's entire contribution goes to EPF while the 12 per cent contribution by the employer is split as 3.67 per cent to EPF and 8.33 per cent to EPS.
The government contributes 1.16 per cent to an employee's pension, while employees do not contribute to the pension scheme.
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