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EPFO: Employees’ Provident Fund Organization (EPFO) has issued new guidelines for employees to opt for higher pension. If this guideline is not followed, employees entitled to higher pension may also get lower pension. The deadline to apply for higher pension under EPS is till March 3, 2023.
After the decision of the Supreme Court, EPFO has started a new process, under which employees will be given more pension under EPS i.e. Employee Pension Scheme. However, it is mandatory to apply for this. Will be considered entitled to higher pension only after applying. Joint application for higher pension under EPS has been allowed.
What does the new rule of EPFO mean?
The retirement fund body has now allowed subscribers to exceed the pensionable salary of Rs 15,000 per month. Under the Employees’ Pension Scheme (EPS), the employer deducts an amount equal to 8.33% of the ‘Actual Basic Pay’ for pension. In such a situation, now the employees can avail more pension than before.
Explain that the EPS revision of August 22, 2014 had increased the pensionable salary cap from Rs 6,500 per month to Rs 15,000 per month and allowed members to contribute 8.33 percent of their actual salary with their employers. Now it has been extended once again and employees can opt for higher pension.
How to opt for higher pension
- EPFO said that “a facility will be provided for which the URL will be notified.
- All applications will be registered, digitally logged and a receipt number will be provided to the applicant.
- The in-charge of the concerned Regional Provident Fund Office will examine each case of joint option on higher pay and inform the applicant through e-mail/post and subsequently through SMS.
- Grievance, if any, on behalf of the applicant regarding the submission of his/her Joint Option Form can be lodged on the Grievance Portal.
- The application has to be submitted properly along with all the documents and declaration.
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