EPFO: Deadline to opt for Higher EPS Pension extended till July 11
It is the last chance for a higher pension from EPS, according to a press release issued by the Employees’ Provident Fund Organisation on June 26, 2023
The Employees Provident Fund Organisation (EPFO) and labour ministry have decided to extend the deadline to apply for a higher pension to July 11 from June 26. The EPFO first extended the deadline from March 3, 2023, to June 26, 2023. It is the last chance for a higher pension from EPS, according to a press release issued by the Employees’ Provident Fund Organisation on June 26, 2023.
Those who were members of EPF and EPS on September 1, 2014, and continued after that date are eligible to apply for the Higher Pension Scheme.
Employees who have opted for a higher pension but whose applications were rejected can also apply for this scheme.
If you retired before this date but had not selected the higher pension option, you will not be eligible to apply.
However, the basic salary considered for the calculation is Rs 15,000, the statutory limit. And currently, 8.33 percent of your provident fund contributions made by employers are directed to the Employees’ Pension Scheme.
If employees were to opt for contributions on their actual basic salary, their pension income is likely to be much higher. An employee is eligible to draw a pension after completing at least ten years of service.
The calculation will be based on the provisions of EPS, 1995, that will exist as of the date of commencement of the pension.
The pension will be calculated as pension = pensionable salary (average of last 12 or 60 months’ salary) x number of years of contribution (70). A change in the definition of pensionable salary, which in turn will affect the pension amount, cannot be ruled out in the future, say experts, adding another layer of uncertainty to the entire exercise.
How to apply for Higher EPS Pension?
Step 1: Visit the EPFO Unified Member Portal at https://unifiedportalmem.epfindia.gov.in/memberinterface
Step 2: Click on the option ‘Pension on Higher Salary.
Step 3: Fill in the details: name, DOB, Aadhaar card, UAN number, mobile number, and submit the form.
Step 4: Submit all your personal and PF-related details.
Step 5: An acknowledgement document will be generated, download, and print for future purpose.
Ms Kalinga