The way to give more pension has been opened for EPFO account holders. Actually, the Retirement Fund Body Employee Provident Fund Organization ie EPFO has issued a new guideline for member employees to choose the option of getting more pension.
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EPFO has issued instructions to all its offices that how the members of Employees Pension Scheme (EPS) should apply for higher pension. The last date to apply for higher pension under EPS is March 3, 2023.
However, this option will be available only to those employees who were members of EPF as on August 31, 2014 and have not opted for higher pension under EPS. As per the guidelines, EPFO has allowed EPS members to exceed the limit of pensionable salary by Rs 15,000 per month.
With the new process of EPFO, subscribers and their employers will be able to jointly apply for higher pension under EPS. This means that now members can contribute 8.33 per cent of their basic salary.
Are you eligible for higher pension from EPFO?
EPFO has accepted the request of those employees who have compulsorily contributed more salary to the pension scheme under the EPF scheme and have opted for enhanced pension coverage before their retirement. EPFO said that the employees who contributed salary in excess of the erstwhile wage limit of Rs 5,000 or Rs 6,500 and those employees who opted under EPS with the revised scheme while being a member of EPS-95, would be eligible for higher pension coverage. are eligible for.
Process of offline application
>> To get more pension, EPS member will have to go to his nearest EPFO office.
>> There they will also have to submit some documents along with the application.
>> According to the method and format given by the commissioner, the application will have to be given.
>> There will also be a disclaimer and declaration in the joint option.
>> After the application is submitted, it will be dealt with according to the circular.
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