regarding pension on higher salary. Earlier the last date for submitting these details was 30 September. Now it has been extended till 31st December. However, as of September 29, 5.52 lakh applications were pending with EPFO . The option of taking higher pension/joint option had to be verified.

According to the Labor Ministry, 17.49 lakh applications have been received from pensioners/members for verification of option/joint option till July 11, 2023. Earlier, the Employees Provident Fund Organization had launched an online facility to submit applications for verification of option/joint option for pension on higher salary following the November 4, 2022 order of the apex court.

You can submit application online

According to the statement of the Labor Ministry, this facility for pensioners/members was started on February 26, 2023. Under this, the last date for submission of applications was May 3, 2023. However, later considering the request of the employees, the deadline for submitting applications for higher pension was extended till June 26, 2023.

Eligible pensioners/members were given a last opportunity of 15 days to remove any difficulties faced by them. Under this, the last date for submission of applications for verification of option/joint option to the employees was extended till July 11, 2023.

If you have not yet submitted the application for this, then there is no need to worry. For this you can apply online. For this you will have to go to EPFO ​​website. According to the information given there, you will have to apply by providing documents online.

EPFO issued SOP

EPFO has issued a Standard Operating Procedure (SOP). By providing EPF account holders the facility to update their personal information, the number of claim rejections will also reduce and the risk of fraud will also reduce. By providing EPF account holders the facility to update their personal information themselves, the number of claim rejections will reduce. Besides, the risk of online fraud will also reduce.

If the information submitted to EPFO ​​and the information filled in the claim form at the time of making the claim does not match, the claim gets rejected. But now EPFO ​​has issued a circular saying that EPF members can correct or update 11 details. The information that can be updated includes name, gender, date of birth, father’s name, relationship, marital status, date of joining. Date of joining, reason for leaving, date of leaving, nationality and Aadhaar number are included.

Interest on PM will increase

There is an important news for provident fund account holders this month. It is being told that by the end of the month of August, the interest received on the deposits of the account holders will be deposited in their accounts. Giving a big gift to the account holders, the interest rates have been increased by the Central Government.

This year EPFO ​​will give 8.15 percent interest on the deposited amount. But, to get this interest amount, everything must be fine in your account. If the details in the PF account do not match, you may be deprived of the interest amount. To get the interest amount, it is most important that the account is linked to the Aadhar card. If the UAN account is not seeded with Aadhaar, the money will not come to the PF account. Verification and seeding is mandatory to avail benefits.

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That is to say that when a person becomes old, then his body does not have the ability to work, but it does not mean that there is no need for all the necessary things in his life. of all the necessary things in his life .

So tell that it is not necessary to do so. Because of this pension scheme has been abolished in many institutions. By which at the time of retirement of the person i.e. when he retires, he is provided a certain amount as pension. If you are also employed in any organization and you also get monthly salary, then let us tell you that the pension scheme is present for all the people.

Know what is pension scheme

To know the pension scheme, we can mainly divide it into two parts, the first is the pension provided by the company, in which some part is deducted from the salary of the employee every month as pension. from which further interest is increased on the retirement of the employee.

Let us tell you that this interest rate can be around 8% to 9%. Let us tell you that at present the facility of interest up to 12% has been made available to all the employees under EPFO . Let us also tell you that if you are not working in any organization and run a small shop or business, then you can also get the benefit of pension. Pension scheme is also available for such common citizens which is provided through PPF account.

Know what is PPF account

• Let us tell you that PPF account i.e. Public Provident Fund account can be given to every person residing in the country. As a citizen of our country he should be. It is mandatory for him to have citizenship of our country India, refugees from any other country cannot apply for it.
• If you want, PPF account can be opened in post or bank. The way it is mandatory for all employees to open PF account, in the same way it is not mandatory to open PPF account.
• It is completely up to you, if you wish, you can opt for PPF account . , if you do not want to, then there is no problem in it.
• The interest rate available in PPF account ranges from around 7% to 8%. PPF account can be easily opened by a person residing in our country, the age of opening it has been fixed at 18 years i.e. if you are 18 years old then you can open your PPF account.
• You can deposit ₹ 500 to ₹ 200000 annually in this, there will be no problem of any kind. You can also do portal withdrawal in it, but for this you have to wait for 5 years.

Great news for central employees

A big update is coming out according to which the central government can very soon increase the age and pension amount of the employees who have retired. The Economic Advisory Committee of the Honorable Prime Minister of our country Shri Narendra Damodardas Modi has proposed, according to which it has been said to increase the working age limit of all the people resident in the country. Universal Pension Scheme should also be brought along with raising the retirement age limit.

What is Old Age Civil Protection Scheme Development

Please also inform that the minimum pension will be ₹ 2000. You will also be made aware of this, the Economic Advisory Committee has also provided advice on making better arrangements for the safety of senior citizens in the country.

Let us tell you that according to the report presented by the Economic Advisory Committee to the Prime Minister, if the working age population is increased, then there may be a great need to increase the retirement age. Now the important thing must be coming in your mind that what can happen like this, then tell you that this is going to be done to reduce the pressure on the social security system. Talks are also being made about skill development for people above 50 years of age.

Policy made by the state and central government

According to another news, it is being told that the central and state governments should make such policies so that they can have a direct impact on skill development. In this way the workers of the unorganized sectors will also get the benefit of this. Apart from this, refugees, migrants living in remote areas can also join if they do not have the means to get training but they can be trained. In the year 2019, about 10% of the population of our country India was included in the category of senior than 140 million.

Know what is Universal Pension Scheme retirement, good news

Let us tell you that a big update is coming out for the employees so that an atmosphere of happiness has been created among all the employees. Universal Pension Scheme retirement age and pension amount has been increased. This is a great news for all the employees because Universal Pension Scheme retirement age and pension amount is being increased.

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What is the matter of removing the EPS limit?

Before proceeding on this matter, let us know what is this whole matter. At present, the maximum pensionable salary is limited to Rs 15,000 per month. Means whatever your salary is, but pension will be calculated according to only Rs 15,000. The matter of removing this limit is going on in the court.

The Supreme Court had on August 12 last year adjourned the hearing of a batch of petitions filed by Union of India and Employees’ Provident Fund Organization (EPFO), which said that the pension of employees would be Rs 15,000. may not be limited to Rs. The hearing of these cases is going on in the court.

Now what are the rules regarding EPS?

When we start a job and become a member of EPF, we also become a member of EPS. The employee gives 12% of his salary in EPF, his company also gives the same amount, but 8.33 percent of his share also goes to EPS.

As we have mentioned above that at present the maximum pensionable salary is only Rs 15 thousand i.e. every month the share of pension is maximum (8.33% of 15000) Rs 1250.

Even when the employee retires, the maximum salary is considered for calculation of pension. According to this, an employee can get a maximum pension of Rs 7,500 under EPS, if it is Rs 15 thousand.

This is how pension calculation happens?

One thing to note is that if you have started contributing to EPS before 1st September 2014, then the maximum limit of monthly salary for pension contribution for you will be Rs 6500. If you have joined EPS after 1st September 2014 then the maximum salary limit will be 15,000. Now see how pension is calculated.

EPS Calculation Formula

Monthly Pension = (Pensionable Salary x Year of EPS Contribution)/70
Here assume that the employee started contributing to EPS after 1st September, 2014, then the pension contribution would be 15,000
assuming he has worked for 30 years.
Monthly pension = 15,000X30/70 = Rs 6428

Maximum and Minimum Pension

One more thing to be remembered is that the employee’s service of 6 months or more will be considered as 1 year and if it is less then it will not be counted. That is, if the employee has worked for 14 years 7 months, then he will be considered as 15 years.

But if you have worked for 14 years 5 months then only 14 years of service will be counted. The minimum pension amount under EPS is Rs 1000 per month, while the maximum pension is Rs 7500.

8,571 will get pension

If the limit of 15 thousand is removed and your basic pay becomes Rs 20 thousand, then you will get pension as per the formula (20,000 x 30)/70 = Rs 8,571.
Existing Conditions for Pension (EPS)
It is necessary to be a member of EPF for pension
Must have been in the job for at least 10 regular years
Pension is available when the employee turns 58
There is an option to take pension after 50 years and even before the age of 58 years
Keep in mind that you will get less pension on the first pension and for this you will have to fill Form 10D
In case of death of the employee, the family gets pension.
If the service history is less than 10 years, then they will get the option to withdraw the pension amount at the age of 58 years.

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