EPFO members can apply for higher pension till May 3

New Delhi: All eligible members can opt and apply jointly with their employers for higher pension till May 3 at unified members' portal of retirement fund body EPFO. Earlier, there were apprehensions that March 3 is the last date for opting for higher pension. The URL on the EPFO unified members' portal activated recently shows clearly that the last date for availing the option of higher pension is May 3, 2023.

EPFO comes out with a procedure to apply for higher pension under EPS

Last week, EPFO came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under Employees' Pension Scheme (EPS).

In November 2022, the Supreme Court had upheld 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 percent of their actual salaries (if it exceeded the cap) towards EPS.

A facility will be provided for which URL will be informed: EPFO

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."

Apex court gave 4 more months to eligible subscribers under EPS-95

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. The apex court in its order gave four more months to eligible subscribers to opt for higher pension under EPS-95.

The court had also struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 percent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly.

The EPFO circular had also provided for the higher pension option for those eligible subscribers who either contributed on actual wages higher than Rs 5,000 or Rs 6,500 per month prevalent threshold pensionable salary or exercised their option for higher pension or their request for higher pension was declined by EPFO authorities before the amendment to EPS-95 in 2014.

The eligible subscribers would have to apply jointly with their employer for the enhanced benefit in the application form prescribed by the commissioner and all other required documents like joint declaration etc.

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