By Express News Service
NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) has given one last chance to subscribers who missed out on opting for a higher contribution towards the pension scheme. The retirement and pension body has started the procedure to allow members to jointly opt for higher pension (with the employer) as per the EPS Amendment Act, 2014. It has given a link on its website for employees and employers to contribute 8.33 per cent of the actual salary, rather than the maximum pensionable salary of `15,000 a month, to avail higher pension.
The EPFO said each application will be digitally logged and a receipt number provided. The application will land in the employer’s log-in, which will have to be verified with a digital signature for further processing.
The method of deposit and the calculation of pension will follow through a subsequent circular. The 2014 amendment had given members six months to opt for a higher pension based on actual salary. However, some could not avail of it as they were unaware of the timelines. They moved court, and the Supreme Court through a November 4, 2022 order gave eligible subscribers additional four months (from the date of the order) to opt for higher pension. The four-month extension ends on March 4, 2023.
NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) has given one last chance to subscribers who missed out on opting for a higher contribution towards the pension scheme. The retirement and pension body has started the procedure to allow members to jointly opt for higher pension (with the employer) as per the EPS Amendment Act, 2014. It has given a link on its website for employees and employers to contribute 8.33 per cent of the actual salary, rather than the maximum pensionable salary of `15,000 a month, to avail higher pension.
The EPFO said each application will be digitally logged and a receipt number provided. The application will land in the employer’s log-in, which will have to be verified with a digital signature for further processing.
The method of deposit and the calculation of pension will follow through a subsequent circular. The 2014 amendment had given members six months to opt for a higher pension based on actual salary. However, some could not avail of it as they were unaware of the timelines. They moved court, and the Supreme Court through a November 4, 2022 order gave eligible subscribers additional four months (from the date of the order) to opt for higher pension. The four-month extension ends on March 4, 2023.
