EPFO – Good news for employees. Actually EPFO has also given retired employees an opportunity to choose more pension. EPFO has also mentioned this in its circular, but there is still confusion among the employees regarding this. In such a situation, know in the news below how the employees can take advantage of it.
Ever since the Employees’ Provident Fund Organization (EPFO) has issued a circular regarding higher pension, many doubts and questions have been emerging. Since this whole matter is related to retirement, some people also have a question that even after retirement, we can opt for higher pension. Looking at the order of the Supreme Court regarding EPS 95 and the circular of EPFO, it is quite clear that retired employees have also been given a chance to get more pension.
As per the EPFO circular, retired employees are also entitled to higher pension under EPS 95. Provided that they have to fulfill certain conditions for this. The Supreme Court had said in its decision in the year 2022 that even those employees whose salary is more (more than 15 thousand) can opt for Pension Scheme i.e. EPS, but such employees should not be a member of EPFO before September 1, 2014. It is necessary to be It can be understood in two ways.
If you retire before 2014…
Such employees who have already retired before September 1, 2014 also get the option to opt for higher pension. However, they will get the benefit of EPS 95 scheme only if they have already applied for higher pension and it has been approved by EPFO. If EPFO has rejected it, then one has to apply again for higher pension. Such employees can also apply online and by visiting the regional office of EPF.
Retired after 2014…
In the circular issued by EPFO in December 2022, such employees were not considered eligible for higher pension, who were members of EPF before September 1, 2014 but retired after this period. The Supreme Court did not make any such mention in its decision, after which the EPFO had to issue the circular again in February 2023. According to this, the employees who opened PF account before 2014, even if they retire after that, they have the right to choose higher pension. Such employees will have to fill the joint option form. It can be filled online till May 3, 2023 or offline by going to the regional office of EPF.
There is a chance but also a condition
The Supreme Court in its judgment has given the retired employees the option to choose higher pension, but to get it a very difficult condition has to be fulfilled. Actually, after opting for EPS 95, the employer’s contribution to your EPF account gets reduced. For such employees who are still in service, it will be easier for them to contribute more in EPS and less in EPF. It will also be easy to put the amount related to their EPF fund in EPS.
But, those who have retired will have to first put a fixed amount in the pension fund in that proportion to get more pension. It will depend on the service period of the employee and the amount of his basic and DA. However, this amount will come in lakhs of rupees and if the retired employee has withdrawn money from his PF account, then it is not easy for him to put this amount in EPS.
Which documents will be needed-
- Joint Option Form, which has been verified by the employer.
- Proof of amount deposited on actual wage (Rs 5000 or Rs 6500).
- All applications must be registered and digitally logged in.
- Aadhaar card and bank account number of the applicant.
- Details of PF account and passbook of money deposited in it.
- EPFO officers will review all these documents and give the option of higher pension to the employee.
