EPFO EPS Guidelines: Employees’ Provident Fund Organization (EPFO) has started the process of applying for more pension under the Employees’ Pension Scheme (EPS). For this, EPFO has issued guidelines on 20 February 2023.
According to these guidelines, those employees who were entitled to get more pension under the EPS scheme but did not apply for it, will now be able to apply for more pension. According to the recent decision of the Supreme Court, till March 3, 2023, an application can be made to get more pension.
EPFO told that both the employee and the employer will be able to apply jointly for this. In fact, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, employees and their employers were allowed to contribute 8.33 per cent of their actual salary to EPS. In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014.
EPFO in an office order has given details about handling of Joint Option Form by its field offices. EPFO said that a facility will be given, for which the URL (Unique Resource Location) will be told soon. After getting this, the Regional PF Commissioner will give information through notice boards and banners for wide public information. According to the order, every application will be registered, logged digitally and a receipt number will be given to the applicant.
It further states that the Officer-in-Charge of the Regional Provident Fund Office concerned will scrutinize each case of joint option on higher pay. After this the applicant will be informed about the decision through e-mail/post and later through SMS. Earlier, EPFO had issued this circular on December 29 to comply with the directions of the Supreme Court. In this circular, information has been given about which employees will get higher pension and how to apply online for it.
The circular states that only those employees are eligible, who have compulsorily
contributed higher wages under the Employees’ Provident Fund (EPF) scheme and opted for higher pension before retirement. As per the circular, At the same time, the employees who retired before September 1, 2014, without exercising any option, have also been out of its membership. According to the amendment of 2014, only those employees who exercise the option will be given this benefit.