Employees’ Provident Fund Organization (EPFO) has issued guidelines related to the process of applying for higher pension under the Employees’ Pension Scheme. EPFO said that these instructions are being issued in compliance with the order of the Supreme Court.
New Delhi. There is good news for crores of employees working in the private sector. Employees’ Provident Fund Organization (EPFO) has issued guidelines related to the process of applying for higher pension under the Employees’ Pension Scheme. Under this, employees can opt for higher pension on or before March 3, 2023. However, this option will be available only to those employees who were members of the Employees’ Provident Fund as on 31 August 2014 and have not opted for higher pension under EPS.
All these employees will be able to jointly apply for higher pension through employer EPS. The Supreme Court had upheld the Employees’ Pension (Amendment) Scheme, 2014 in November 2022. In this, the pensionable salary cap was increased from Rs 6500 per month to Rs 15 thousand per month. For this, members and employers were allowed to contribute 8.33% of their basic salary.
EPFO gave orders to all field offices
EPFO said that these instructions are being issued in compliance with the order of the Supreme Court. Employees’ Provident Fund Organization has asked all field offices to provide higher pension option to eligible subscribers as per Supreme Court order. As per the EPFO circular, eligible employees can submit a joint option with their employers to the concerned regional office.
How to apply for getting higher pension?
- More information regarding the time limit for application process will be provided by the Zonal PF Commissioners soon.
- Eligible employees will have to apply jointly with their employer for the enhanced benefit in the application form prescribed by the Commissioner along with all other necessary documents like joint statement etc.
- The circular states that one has to log in digitally to make the application, for which a separate URL facility will be provided by the EPFO.
- If there is a need for adjustment from provident fund to pension fund, then the consent of the employee will be required in the joint form.
- An email/post will be sent to the applicant informing him about the decision on the application, subsequently SMS may also be sent.