EPFO today released the draft for the High Pension Scheme. A blueprint has been drawn in the draft that if someone has to apply for higher pension then what will be the procedure for that.
If you want to get a hefty amount in the form of pension, then there is good news for you. Subscribers and their employers can now apply for higher pension under the Employees Pension Scheme (EPS). Retirement fund body EPFO has released the draft of this process on Monday.
Let us tell you that in November 2022, the Supreme Court had upheld the Employees Pension (Amendment) Scheme 2014. Through the EPS amendment dated August 22, 2014, the pensionable salary cap was raised from Rs.6,500 per month to Rs.15,000 per month and members were allowed to contribute 8.33 per cent of the basic salary with their employers (if this cap is More than).
Joint option form issued
In an office order, the Employees’ Provident Fund Organization (EPFO) issued guidelines for acceptance of ‘Combined Option Form’ by field offices. EPFO said that this process will be started online soon. A URL (Unique Resource Location) will be issued for this. To give information about this, the Regional PF Commissioner will give information through notice boards and banners for public information.
What will be the process
EPFO said that each application will be registered. The application will be processed digitally by logging in and a receipt number will be provided to the applicant. The In-charge of the Regional Provident Fund Office concerned will examine each case of combined option with higher pay and inform the decision to the applicant through e-mail/post and subsequently through SMS.
Any grievance can be lodged by the applicant on the EPFiGMS grievance portal after submission of his/her Joint Option Form and payment of due contribution, if any. It has been said in the order that these instructions are being issued in compliance with the order dated November 4, 2022 of the Supreme Court.
EPFO has asked its field offices to provide the option of higher pension to eligible subscribers as per the Supreme Court order. According to EPFO’s circular dated 29 December 2022, the Central Government has directed to implement the order of the Supreme Court.
This order was given by the Supreme Court
The apex court had given six months to all EPS members from September 1, 2014, to opt for the revised scheme. The top court in its order gave four months more time to the eligible subscribers to opt for higher pension under EPS-95.
EPFO made this arrangement
The EPFO circular also provided for higher pension option for eligible subscribers who had either contributed in excess of Rs 5,000 actual salary or Rs 6,500 per month prevailing pensionable salary or exercised their option for higher pension. . This also included those whose requests for a higher pension were denied.
