EPF subscribers who have still not applied for increasing their pension should do it as soon as possible.
The deadline for EPFO applicants seeking higher pensions is July 11, 2023, and today is the last day to submit your application. EPF subscribers who have not applied for higher pension, should do it as soon as possible. EPFO has already extended the deadline to apply for a higher pension thrice and another extension is not expected.
"The last opportunity of 15 days is being given to remove any difficulty faced by the eligible pensioners/members. Accordingly, the last date for submission of Applications for Validation of Option/Joint Options by employees is extended to July 11, 2023," EPFO said in an official release on June 27.
Employees can access this calculator by clicking the pension application link on the EPFO Member Sewa portal. The Important Links heading is where you may find the calculator. Employees must enter the wage amount starting from the date of joining the Employees' Provident Fund (EPF) scheme or November 1995, whichever is later, in order to find out the additional amount for the higher pension.
The Supreme Court on November 4, 2014 allowed EPFO employees prior to September 1, 2014, and those who continued to work after that date but were unable to exercise the joint option under the EPS, might do so within four months following the ruling.
The Employees Pension Scheme used to be availed by only a handful of people until a few years ago. Initially, only government employees were eligible for this scheme. However, the government later expanded this scheme, allowing those employed in the private sector to benefit from social security. This change took place in 1995, and as a result, the scheme is also referred to as EPS-95 (i.e., Employees Pension Scheme-1995). Since EPS was introduced under the Employees' Provident Fund Act, its benefits started reaching every employee covered under the EPF. However, there was a condition that only employees with a basic salary and DA of Rs 15,000 per month would be entitled to the EPS benefit.
In the EPS, the employee does not contribute any amount on their behalf. Only 8.33 per cent of the total 12 per cent contribution made by the company goes to EPS. Since the pensionable salary limit is 15 thousand, the EPS contribution also gets limited to Rs 1,250. Any amount that exceeds this contribution from the company goes to EPF. As the increased contribution to EPS is also from the company's share, it won't affect the take-home salary even if you opt for a higher pension.
Documents required:
You will require a UAN (Universal Account Number)
Aadhaar card,
EPS numbers
joint request and undertaking of the employer under paragraph 26(6) of the EPF Scheme, 1952 (if applicable).
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