The employees will now have the option to make higher contributions towards EPS. It is currently capped at 8.33% of the maximum Rs 15,000 pensionable salary.
The Employees’ Provident Fund Organisation (EPFO) has introduced a new window for subscribers who wanted to opt for higher pensions but could not do so. The new guidelines introduced by EPFO come just 2 weeks before the end of the four-month deadline which was set up by the Supreme Court to allow eligible subscribers to opt for higher pensions under EPS.
What all is new?
The employees will now have the option to make higher contributions towards EPS. It is currently capped at 8.33% of the maximum Rs 15,000 pensionable salary. Now, with the new window, employees will be able to deduct a sum equal to 8.33% of the actual basic salary towards the EPS pension.
This will help employees to accumulate a larger corpus and receive a higher pension.
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Who can apply?
As per the EPFO circular date February 20, 2023, these are the employees that can submit the joint option to the concerned regional office;
All the employees and employers who had contributed to salary surpassing the wage ceiling of Rs 5,000 or Rs 6,500
All the employees and employers who did not wield the joint option in the previous window while being EPS members
Employees who were members before September 1, 2014, and continued to be a member on or after that date.
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Steps to apply
If you are an eligible subscriber, you will be able to wield the joint option before the regional provident fund office on the joint option form. Further details about the timelines of the application process will be provided by the Regional PF Commissioners soon.
Pension calculator
EPFO will also issue a distinct circular describing the method of deposit and computation of pension.
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 "Want to get higher pension from EPFO? Know all about new form, circular, guidelines, calculator")
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