If you are also an EPFO account holder then this news is for you. Actually EPFO has issued a circular. In this, a guideline has been given to apply for getting more pension than EPS. Under which it has been said that EPFO account holders should complete this work by March 3, otherwise they will not be able to take advantage of this scheme.
There is good news for Employees’ Provident Fund Organization (EPFO) subscribers. The organization has started the process of applying for more pension under Employees Pension Scheme (EPS). For this, a guideline has been issued on Monday.
According to this, the subscriber and the employer will be able to apply jointly for increasing the pension. In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014.
Earlier, the EPS revision of August 22, 2014 raised the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, subscribers and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS.
EPFO has issued a circular in this regard to its field officers. The Supreme Court had given its verdict on November 4, 2022. According to this, the deadline to apply for more pension is March 3. Eligible subscribers who could not apply earlier can also apply now.
EPFO said that a facility will be given, for which the URL (Unique Resource Location) will be told soon. After receiving this, the Regional PF Commissioner will give information through notice boards and banners for wide public information. According to the order, every application shall be registered, digitally logged and an acknowledgment number shall be given to the applicant.
The Officer-in-Charge of the Regional Provident Fund Office concerned will examine each case of joint option on higher pay. Thereafter, the applicant will be informed about the decision through e-mail/post and later through SMS. It has been said in the order that these instructions are being issued in compliance of the order dated November 4, 2022 of the Supreme Court.
Who will get benefit-
Employees who were members of EPS as on August 31, 2014 and who did not opt for higher pension under EPS, have time to do so before March 3. As per the Supreme Court judgement, eligible employees can opt for pension over and above EPS within four months from the date of judgement.
According to the decision of the court, the employees were divided into two categories. In the first category, such employees were kept who were members of EPS before September 1, 2014 and who opted for higher pension. In the second category, such employees were kept, who were members of EPS on September 1, 2014, but they missed the option of getting more pension. EPFO had issued circular on December 29, 2022 for the first category.
How to apply-
To get more pension, EPS member has to go to his nearest EPFO office. There they will also have to submit some documents along with the application. The application will have to be given according to the method and format given by the commissioner. There will also be a disclaimer and declaration in the joint option.
If there is a need for adjustment from provident fund to pension fund, then the consent of the employee will be required in the joint form. In case of transfer of funds from Exempted Provident Fund Trust to Pension Fund, the trustee will have to submit an undertaking. Once the application is submitted, it will be dealt with as per the circular. For this, the URL (Unique Resource Location) will be given soon.
