Image Source : FREEPIK EPFO publishes instruction on how to apply for extra pension benefits under the EPS system; review information
EPFO Pension Scheme: The Employees’ Provident Fund Organization (EPFO) published rules on February 20 for employees who are entitled to a higher pension under the Employees’ Pension Plan (EPS) but did not apply for it. The EPFO has approved combined applications from the employer and the employee for the same. Applications for additional pension benefits may now be submitted till March 3, 2023. The new guidelines were issued after the Supreme Court court gave a four month deadline to enable eligible subscribers to opt for higher pensions under EPS.
The pensionable salary ceiling was raised from Rs 6,500 per month to Rs 15,000 per month by the EPS adjustment of August 22, 2014. Also, 8.33 percent of each person’s actual pay might be contributed by both employers and workers to EPS. In November 2022, the Workers’ Pension (Amendment) Plan, 2014 was affirmed by the Supreme Court.
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In an office order, EPFO provided information regarding how its field offices should handle the Joint Option Form. A facility will soon be made available, and the regional PF commissioner will educate the public by posting notices and banners. Each application will receive a digital registration, logging, and receipt number.
Each instance of a shared choice on greater pay will be carefully examined by the Officer-in-Charge of the Regional Provident Fund Office. The applicant will be informed of the outcome through email, regular mail, and then SMS.
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EFPO released a circular on December 29, to abide by the Supreme Court’s directives. According to the circular, eligibility is limited to employees who have chosen a higher pension before retirement and made larger EPF contributions with their salaries. The circular also states that prior to September 1, 2014, employees who retired without utilising the option are not considered members. Only those employees who used the option will be qualified for this benefit, according to the 2014 modification.
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