EPFO Rules for Higher Pension in Details: For higher pension, EPFO is going to give the option of joint application to the employee and employer through the member section on its website.
New Delhi: Employees’ Provident Fund Organization (EPFO) has issued new guidelines for member employees to opt for higher pension. EPFO has issued instructions to all its zonal and regional offices, telling how the members of the Employees’ Pension Scheme (EPS) should apply for higher pension. EPFO is going to give the option of joint application to the employee and the employer through the member section on its website.
EPFO said in a circular issued on Monday that the members of the Employees’ Provident Fund who did not opt for higher pension under the earlier window have now been provided with another option. In compliance with the Supreme Court’s order dated 4 November 2022, EPFO has issued instructions to all its offices in this regard. EPFO has said that employees can submit joint options with employers using the member section of EPFO’s website. All the offices have been asked to make this option available to the members soon.
EPFO has allowed EPS members to exceed the limit of pensionable salary of Rs 15,000 per month. For this, the employee and the employer can do a joint sign up on the EPFO website and request the EPFO to deduct 8.33 per cent of the higher monthly basic pay. In this way, depositing a large amount for their pension can be ensured.
Last date for eps higher pension application
On 4 November 2022, the Supreme Court in its judgment confirmed that the August 2014 notification of the Employees’ Provident Fund Organization is valid. The court had cleared the last date for eligible employees to apply for getting more pension.
The court had said that within the next 4 months of the decision, the employees will have to give a declaration along with their employer so that they can contribute more in the pension scheme to get more pension. Employees can apply for higher pension before 3 March 2023 along with their employer.
