EPFO issued the circular after the Supreme Court order.
Employees can opt for a higher pension no later than March 3, 2023.
The higher pension will be available only to those employees who were EPFO members on August 31, 2014.
New Delhi. There is good news for millions of employees working in the private sector. Organization of the Employees Provident Fund (EPFO) It has issued guidelines related to the application process for a higher pension under the Employee Pension Regime. According to this, employees can opt for a higher pension no later than March 3, 2023. However, this option will be available only to those workers who as of August 31, 2014 were affiliated with the Workers’ Provident Fund and they have not opted for a pension higher than the EPS.
All these workers may jointly request a higher pension through the employer’s EPS. The Supreme Court had upheld the Employees Pension Scheme (Amendment), 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, affiliates and employers were allowed to contribute 8.33% of their base salary.
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EPFO orders all field offices
EPFO said that these instructions are being issued in compliance with the order of the Supreme Court. The Employees Provident Fund Organization has asked all field offices to provide a higher pension option to eligible subscribers as per the Supreme Court order. According to the EPFO circular, eligible employees can submit a joint option with their employers to the appropriate regional office.
How to request a higher pension?
The PF Zonal Commissioners will provide more information on the time limit for the application process soon.
- Eligible employees will have to apply together with their employer for the enhanced benefit on the application form prescribed by the Commissioner along with all other necessary documents such as a joint statement, etc.
- The circular states that one has to log in digitally to make the request, for which the EPFO will provide a separate URL facility.
- If an adjustment of the provident fund to the pension fund is necessary, the consent of the employee will be required in the joint form.
- An email/postal mail will be sent to the applicant informing them of the decision on the application, later SMS can also be sent.
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Tags: EPFO Account, EPFO subscribers, New Pension Plan, pensioners
FIRST POSTED: Feb 21, 2023 2:51 PM IST