Higher Pension Option Application Process If you want to take advantage of the higher pension option given by EPFO, then you can apply for it sitting at home. Today we are telling the step by step process of applying in it.
Employees’ Provident Fund Organization ( EPFO ) has extended the time for employees to apply for higher pension option. If you want to take this option, then the application can be made till May 3. With this, the retirement fund body has activated the url of the unified members’ portal. So let’s know the step by step process of applying in EPFO .
Application Process (Apply Process For EPFO Higher Pension)
- To opt for pension on higher pay one has to visit the e-seva portal.
- Click on the option ‘Pension on Higher Pay’ on or before May 3, 2023.
- Select “Application for Combined Options. Under para 11(3) and para 11(4) of the EPS 1995 select for combined option.
- Enter the required details like UAN, Name, Date of Birth, Aadhaar Number, Mobile Number linked with Aadhaar and Captcha as asked.
- Click on “Get OTP”.
- After this one-time password will be sent to the mobile number linked with your Aadhaar. After filling this password your application process will be completed.
Pension increases up to this much rupees
The EPS revision of August 22, 2014 raised the pensionable salary cap from Rs 6,500 per month to Rs 15,000 per month for opting for pension on higher pay. Also, one is allowed to contribute 8.33 per cent of his actual salary to EPS if the salary exceeds the limit.
This much money will be deducted
- At present, 12% of the employee’s contribution to the EPF account is deducted from the basic salary and dearness allowance and the same 12% is contributed by the employer. Of this, 8.33% goes to EPS and 3.67% goes to the employee’s EPF account.
- Whereas, if you opt for higher pension under EPFO, then 8.33% of your basic salary can go to EPS.
