EPFO releases guidelines for more pension under EPS scheme till March 3, 2023.
The Employees' Provident Fund Organization (EPFO) has released guidelines on February 20, 2023, for employees who are entitled to more pension under the Employees' Pension Scheme (EPS) but did not apply for it earlier. EPFO has allowed joint applications from both the employee and the employer for the same. The Supreme Court's recent decision allows applications to be made for more pension until March 3, 2023.
The EPS revision of August 22, 2014, increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Additionally, employees and employers were permitted to contribute 8.33 per cent of their actual salary to EPS. The Supreme Court upheld the Employees' Pension (Amendment) Scheme, 2014, in November 2022.
EPFO has given details about handling the Joint Option Form by its field offices in an office order. A facility will be made available soon, and the Regional PF Commissioner will provide information through notice boards and banners for public awareness. Every application will be digitally registered, logged, and given a receipt number.
The Officer-in-Charge of the Regional Provident Fund Office will scrutinize each case of a joint option on higher pay. The applicant will be notified of the decision through email, post, and later via SMS.
EPFO issued a circular on December 29 to comply with the Supreme Court's orders. The circular specifies that only those employees who have contributed higher wages under the Employees' Provident Fund (EPF) scheme and opted for higher pension before retirement are eligible. The circular also specifies that employees who retired before September 1, 2014, without exercising the option, are not part of the membership. According to the 2014 amendment, only those employees who exercised the option will be eligible for this benefit.
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