Those whose basic salary and DA is less than Rs 15,000 can apply for it. Apart from this, employees who were subscribers of EPF on or before September 1, 2014, can also apply. Applications can be made for this till May 3.
EPFO Higher Pension Update: There is important news for the employees-account holders of Employees’ Provident Fund Organization. The Employees’ Provident Fund Organization has given its eligible members an opportunity to choose more pension options, for which applications can be made till May 3. Employees retiring on or before September 1, 2014 can apply. On April 23, 2023, EPFO has issued a new circular stating the correct way to apply for joint verification option.
Three issues have been clarified in the circular issued by EPFO. Firstly, what will happen after submission of joint application for higher pension. Secondly, what if there is any mistake in the Joint Application Form. Thirdly, what to do if the joint application form is not approved by the employer. For this, the employees will have to apply on the Integrated Member Portal of the Retirement Fund Organization. Under this, the employees who have retired before September 2014 will get the benefit of pension.
Apply like this
- According to the circular, eligible pensioners under the Employees’ Pension Scheme- 1995 (EPS 95) can apply to avail the benefits of the scheme of enhanced pension.
- Every application for opting for higher pension option will be registered, the application process will be completed by logging in digitally and a receipt number will be given to the applicant.
- The concerned Regional Provident Fund Office in-charge will examine the case applied for Combined Option with Higher Pension and provide information to the applicant through e-mail/post and subsequently through SMS.
- After submitting the Joint Application Form, the field office of EPFO will scrutinize it.
- Once the required documents are completed and salary details are submitted by the employer, it will be verified from the data available with EPFO.
- Once the data is verified, EPFO will calculate the dues and an order will be passed to credit or transfer the dues.
- In case of any discrepancy, the employer and the employee/pensioner will be informed by the EPFO. They will be given one month’s time to give the correct information and the same will be informed to the employees and pensioners.
Know who will get the benefit and how
- In this, pensioners who have retired till August 31, 2014 will not be given this benefit, while those who joined EPS on or after September 1, 2014 will be given the option of getting more pension.
- According to the existing rules of the Employee Pension Scheme, the maximum limit of pension was fixed at Rs. 15,000 only, that is, even if a person’s salary is Rs. 50,000, then he used to get a chance to invest only up to Rs. Money used to be deposited, but this limit has been increased.
- Now EPFO members till September 1, 2014 can now avail pension by depositing 8.33% of their basic salary.
- The application form for the employees whose applications were rejected earlier is available through the portal link. Those who have retired before 1st September 2014 can apply for pension.
- Employees who were members of EPS as on August 31, 2014 and who have not opted for higher pension under EPS have time to do so before March 3.
- Employees who have contributed higher salary under Employees Provident Fund (EPF) scheme at the time of their job and opted for higher pension option before retirement will be given this benefit.
- Under this, only those employees who contributed to EPS to get pension on more than Rs 5000 or Rs 6500 salary limit will be considered eligible.
- It is also for such employees who had opted for higher pension while being a member of EPS 95, but one of their applications was rejected by EPFO.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
