While being a member of the Employees’ Pension Scheme (EPS)-95, he exercised joint option under the EPS of the pre-revised scheme. His exercise of this option was rejected.
Employees-pensioners News: There is big news for the employees of Employees Provident Fund Organization (EPFO). EPFO has issued a new circular regarding pension. EPFO has issued circular on 29th December 2022 under Supreme Court directive on higher pension for eligible employees. In this circular, information has been given about which employees will get higher pension and how to apply for it online.
EPFO has directed its local offices to implement the same.
This can apply
- According to the circular, a pensioner who had contributed salary in excess of the then prevailing wage limit of Rs 5,000 or Rs 6,500 as an employee and opted for higher pension would be given this benefit.
- While being a member of the Employees’ Pension Scheme (EPS)-95, he exercised joint option under the EPS of the pre-revised scheme. His exercise of this option was rejected.
- The circular states that only those employees are eligible, who have compulsorily contributed higher wages under the Employees’ Provident Fund (EPF) scheme and opted for higher pension before retirement. but was explicitly rejected. Also Read –Â Post office schemes latest interest rate: Not Sukanya or PPF, you will get maximum interest in this scheme, see how much you will earn
They will not get benefit
As per the circular, the employees after the Supreme Court’s order dated 4th November 2022 will not be eligible under the Higher Pension Scheme. Employees who retired before September 1, 2014 without exercising any option have also been excluded from its membership. According to the amendment of 2014, only those employees who exercise the option will be given this benefit. The Supreme Court had said that employees who were members of the existing EPS-95 as on September 1, 2014, can contribute up to 8.33% of the actual salary. 8.33% of the pensionable salary subject to a ceiling of Rs 15,000 per month. Also Read –Â FD Interest Rate Increase: Big News! Now 7.60% interest will be available on FD, this government bank has increased the rates
You can apply like this
- If you are eligible to get higher pension then you can apply for pension by visiting the local office.
- The application form will have to be done according to the method specified by the commissioner. Then verification has to be done.
- The application form for verification shall contain a disclaimer as mandated in the aforesaid Government notification.
- In case of shares requiring adjustment in the Pension Fund and re-deposit in the Fund, if any. Explicit consent of the pensioner is necessary.
- Trustee’s undertaking will have to be given in transfer of money from Exempted Provident Fund Trust to EPFO’s Pension Fund.
- If any mistake is found under the order, the application can also be canceled. In case of adjustment, the pension applicant can get consent. Also Read – Delhi Metro’s new guidelines for New Year 2023: DMRC notified time! Ban on exit from Rajiv Chowk metro station today
Required documents
- Proof of option u/s 26(6) of EPF Scheme
- Verified by the employer Proof of option u/s 11(3) Proof
of amount deposited - Proof of deposit in Pension Fund on salary exceeding the salary limit of Rs.5,000 or Rs.6,500
- Evidence in writing of refusal from APFC or any other Also Read –Â 7th Pay Commission: New good news will come in the new year! Central employees will get good news on DA Hike on January 1
