The last date for taking higher pension from EPS is near, know which employees will get the benefit

EPFO Pension Scheme: The Employee Pension Scheme was introduced in 1995 by the Central Government. Since then, many amendments have been made in this scheme. One such change has happened regarding higher pension. After the decision of the Supreme Court, the government had issued a circular regarding this on December 29, in which information was given as to who would get the benefit of higher pension and what should be done by these employees.

Before knowing about the last date and circular regarding higher pension of EPF, some facts about EPF account are known. Equal monthly contribution is made by both the employee and the employer under this account. The employee contributes 12 percent of his basic salary and dearness allowance to the PF account. This fund is given to people after retirement with interest.

Who can take advantage of higher pension

According to the decision of the Supreme Court, two categories of employees eligible for higher pension have been created. Under the first category, those employees who were members of EPS before September 1, 2014 and opted for higher pension from EPS have been kept. Also, he was already contributing more, but the request for higher pension was rejected by EPFO. Under the second category come those employees, who were members of EPS as on September 2014, but could not select the option of higher pension by submitting the required application form.

You can apply by visiting the portal

EPFO had issued a circular for the first category employees on December 29, 2022, giving information about the eligibility conditions and the process to apply for higher pension. Along with this, links have also been shared on the portal for this process. If you want to apply for higher pension, then you can apply by visiting the portal. On the other hand, the process is not clear for other categories of employees.

last date of higher pension

The Supreme Court has given an opportunity to opt for higher pension from EPS under the Employees Provident Fund Scheme in its decision on 4 November 2022. The last date to apply for this is March 3, 2023.

read this also

Meta Layoffs: Is Meta going to make big layoffs once again? Company gave bad rating to thousands of employees