The contribution over and above the basic salary of the subscribers opting for higher pension will be managed from the employers’ contribution under the social security schemes run by the Employees’ Provident Fund Organization (EPFO).
The Ministry of Labor said, it has been decided to take an additional contribution of 1.16 percent out of the total 12 percent contribution of the employers in the provident fund.
At present, the government pays 1.16 per cent of the basic salary up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). This provision is retrospective as per the orders given by the Supreme Court, that is, it is applicable from the previous date. Meaning, this provision will come into effect from September 1, 2014, which is the cut-off date as per the Supreme Court order, i.e. employer’s contribution of 12% plus 1.16% will be deducted from the employee’s PF fund retrospectively.
So far more than 12 lakh applications have been received, if you also want that after retirement you get more pension every month, then you can opt for EPS-95. For this, you have to apply on the Integrated Member Portal of EPFO. EPFO has so far received more than 12 lakh applications for higher pension. This number is equivalent to 35 per cent of the total eligible employees.
How to Apply Online
First of all you have to e-Sewa portal – https//unified portal-mem.epfindia.
gov.in/memberinterface/. Here you have to click on Pension on Higher Salary.
A new page will open where 2 options will appear. The second option in this is to apply for the combined option. Select the option below here.
After this you will see a new home page. Here you have to enter your UAN, Aadhaar number, date of birth, mobile number and captcha code by clicking on the option on the left side.
After filling the form, OTP option will appear below, click on it. An OTP will come on your mobile number. Submit it after verifying it.
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