EPFO Pension Increased: Are you a member of Employees’ Pension Scheme (EPF) before August 31, 2014 and want to continue the same? Then you have the last chance to opt for the higher pension exactly a fortnight before the Supreme Court’s four-month deadline expires. Retirement fund body EPFO or Employees’ Provident Fund Organization on Monday issued a new set of guidelines for those who had not opted for pension contribution on salary exceeding the wage ceiling and joined service on or after September 1, 2014. (EPFO Pension Increased)
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Benefit of new process
EPFO’s new process will enable members and their employers to jointly apply for higher pension under the Employees’ Pension Scheme (EPS). The instructions issued by state that an online facility will be provided for employees who have ceased to be subscribers to EPS on or before 01.09.2014, details of which will be intimated shortly.
Earlier in November last year, the apex court had upheld the Employees’ Pension (Amendment) Scheme 2014. The EPS revision of August 22, 2014 raised the pensionable wage limit from ₹6,500 per month to ₹15,000 per month and the members along with their employers contribute 8.33 per cent of their actual salary (if it exceeds the limit) to the EPS.
In an office order, the EPFO made provision for viewing of the ‘Joint Option Form’ by the regional offices of the body. Further, the retirement fund body said that each application will be registered, digitally logged and a receipt number will be provided to the applicant.
EPFO Pension Increased: Center directive
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 instructions given in the order.
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.
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The court had also done away with the requirement of employee contribution of 1.16 per cent of salary exceeding Rs 15,000 per month in the 2014 amendment. This would facilitate the subscribers to contribute more to the scheme and accordingly avail more benefits.
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