Wednesday, February 8, 2023

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EPFO New Circular: New year gift for pensioners, THESE people will get more pension

EPFO New Circular: Employees’ Provident Fund Organization (EPFO), a retirement fund organisation, has asked its field offices to offer qualified subscribers a greater pension option. This choice was made in accordance with the Supreme Court’s order from November 4, 2022. The EPFO has been given instructions in a circular dated December 29, 2022, to carry out the Supreme Court order’s directives. The EPFO has requested in its circular that the regional offices comply with “the orders provided in para 44(ix) of the Supreme Court judgement dated November 4, 2022” and to carry out the EPFO’s decision within the allotted time frame. Make sure there is enough publicity.

(EPFO New Circular) Increase the maximum pensionable salary

The Employees Pension (Amendment) Scheme 2014 was upheld by the Supreme Court earlier in November 2022. The pensionable salary cap was increased by EPS revision of August 22, 2014, from Rs. 6,500 to Rs. 15,000 per month, and members were permitted to contribute 8.33 percent of their actual wage (if it exceeded the limit) for EPS with their employers. On September 1, 2014, it provided all EPS members six months to choose the updated plan.

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The highest court offered eligible subscribers four more months to choose a better pension under EPS-95 in its judgement. In the 2014 revision, the court also eliminated the obligation that employees contribute 1.16 percent of their salaries beyond Rs 15,000 per month. This would make it easier for subscribers to make larger contributions to the programme and thereby receive more advantages.

EPFO increases pension for these qualified consumers

  1. Pensioners who had paid contributions under Section 26(6) of the EPF Plan while working for wages greater than Rs. 5000 or Rs. 6500.
  2. 95 exercised a joint option as a member of EPS in accordance with para. 11(3) of the pre-amendment plan.
  3. The PF authorities rejected his request to utilise this option.
  4. How do I get a higher pension?
  5. According to EPFO, qualified individuals must visit their regional office if they want to receive a higher pension. You must go there and complete the application. Additionally, the appropriate paperwork must be submitted. While filling out the application, there are a few considerations that must be made.

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