EPFO has started accepting applications for ‘More Pension’. March 3 is the last date given by the Supreme Court to the people to choose the option of ‘higher pension’. Here you can know what is the qualification required and what is the application process?
Do you also want that the future pension coming from EPFO should be ‘higher’ than the pension you are getting at present? Now this is possible. EPFO is going to implement the Supreme Court order of November 2022, in which the Supreme Court upheld the Employees Pension (Amendment) Scheme-2014. Some rules and conditions have been fixed for this. At the same time, the process of application has also been made, by following which you can choose the option of ‘more pension’.
The first condition to be eligible for ‘higher pension’ is that your EPFO membership should have started either after September 1, 2014. Or you may already be a subscriber of EPFO, but your subscription should continue even after September 1, 2014.
Who will be entitled to ‘more pension’
According to EPFO, such employees and employers who have contributed for pension under paragraph 26 (6) of the EPF Scheme on their salary in excess of the salary limit of Rs 5000 or Rs 6500.
Or who, while being a member of EPS-95, has not exercised the joint option found in paragraph 11(3) of the Pre-Amendment Scheme of EPS. They can apply for this.
How to apply for ‘More Pension’
According to the EPFO’s circular, those who wish to get ‘higher pension’ have to visit the EPFO’s regional office related to their work. Where they can apply for it. For this, they will also have to submit some documents. The rest of the process is as follows…
- For this, you have to fill your application form as per the instructions given by the EPFO commissioner.
- Under the joint option, a disclaimer and declaration will have to be given along with the form. That is, both the employee and the employer have to do this.
- Many institutions and trusts etc. are given the freedom to manage their own funds. In such cases, the trustee co-undertaking has to be submitted for fund transfer.
- If there is a situation of adjustment from provident fund to pension fund for higher pension, then the consent of the employee will have to be given separately in the joint option.
- Information will be given by issuing a separate notification regarding the method of depositing funds and calculation of pension.
- A URL will be given to the Subscriber as soon as possible after the Joint Option Form is received within a stipulated time.
- Digitally login will be required for every application.
- After digital login, a receipt number will be given to the applicant. For all these applications, the employer will have to give online approval.
- After receiving the amount due in the Pension Fund, EPFO will check the documents of the concerned application.
- With this, the concerned regional office will scrutinize the application.
- After this, information will be sent to the applying subscriber by e-mail or post to give ‘more pension’.
EPFO had changed its pension scheme on 22 August 2014. Under this, employees now get a chance to deposit an amount equal to 8.33 percent of their actual salary in EPS. Its maximum limit is Rs 15,000 per month.
