EPFO Higher Pension Deadline Today: The last date to apply for higher pension under the Employees’ Pension Scheme (EPS) is June 26, 2023. The Supreme Court had earlier ordered that a one-time opportunity be given to eligible employees to opt for higher pension.
The Employees’ Provident Fund Organisation (EPFO) had introduced guidelines to enable subscribers and their employers to jointly apply for higher pension under the employees’ pension scheme (EPS). After the SC order, the retirement fund body has allowed employees to go beyond the pensionable salary, capped at Rs 15,000 per month.
The EPFO is the country’s principal organisation responsible for providing social security benefits to the organised/semi-organised sector workforce covered under the statute of EPF & MP Act, 1952.
Currently, employees and employers contribute 12 percent of the employee’s basic salary and dearness allowance to the employees’ provident fund (EPF). The employee’s share goes to EPF, while the employer’s 12 per cent share is divided into two parts, 8.33 per cent for EPS and 3.67 percent for EPF. Apart from this, the government also contributes 1.16 per cent to the employee’s pension.
Here’s the step-by-step guide to apply for higher pension:
Step 1: Visit member e-Sewa portal
Step 2: Click on the link ‘Pension on Higher Salary: Exercise of Joint Option under para 11(3) and para 11(4) of EPS-1995 on or before June 26, 2023
Step 3: Select “application form for joint options”
Step 4: A new page will open. Fill in details like UAN, Name, date of birth, Aadhaar number, Aadhaar-linked mobile number and correctly enter the captcha.
Step 5: After filling the form, there will be an option to ‘Get OTP’, which will be received on a mobile number linked with Aadhaar.
According to the EPFO instruction, “The…information being entered should be as per EPFO records UAN of member. Member’s Aadhaar number, Name and Date of birth should be available in EPFO records. Member should have a valid Aadhaar linked mobile number which is as per UIDAI records.”
Exercise of joint option is available for the employees who were in service prior to September 1, 2014, and continued to be in service on or after September 1, 2014, but could not exercise joint option under erstwhile provision to para 11(3) of EPS-1995.
What was the Supreme Court order?
In November 2022, the Supreme Court had upheld the Employees’ Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards EPS.
In an office order, EPFO had provided for dealing with the “Joint Option Form’ by field offices of the body.
EPFO stated that ‘a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put adequate notice on the notice board and banners for wider public information’.
It provided that each application will be registered, digitally logged and the receipt number will be provided to the applicant. It further stated that the office in-charge of the regional provident fund office concerned shall examine each case of joint option on higher salary and intimate the decision to the applicant through e-mail/post and later through SMS also.
It also provided that any grievance by the applicant can be registered on EPFiGMS (grievance portal) after submission of his/her joint option form and payment of due contributions, if any.
EPFO has asked its field offices to provide an option for higher pension to eligible subscribers in accordance with the Supreme Court order.
According to the EPFO circular on December 29, 2022, the central government has directed to implement the directions in the order. The apex court had given all EPS members, as on September 1, 2014, six months to opt for the amended scheme.
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