EPFO Higher Pension: The deadline to submit the new Employees' Pension Scheme (EPS) application is fast approaching. You have only two days left to apply. The last date for EPS application for higher pension has been fixed as July 11, 2023.
As a result, if you wish to apply, you have only two days left to apply. Since EPFO has already got two deadline extensions, there is little chance that they will get another deadline.
This guideline was issued
EPFO Higher Pension: Some members of EPFO were instructed to opt for higher pension options under EPS earlier this year. As per the Supreme Court's order dated November 4, 2022, the EPFO rules were issued. This allows eligible people to seek higher pension under EPS. At present, it is 8% of the highest pensionable salary of Rs 15,000 (or 8.33%).
EPFO Higher Pension: Users can choose to allow employers to withhold 8.33 percent of their actual basic pay for EPS pension in the new window. To propose that the EPFO withdraw 8.33 per cent of the enhanced monthly basic pay, both the employee and the employer have to register at the same time.
Who can apply?
EPFO Higher Pension: Eligible employees can submit joint option with their employers by contacting the concerned regional office. Employees and employers who have contributed on salary above the salary limit of Rs 5,000 or Rs 6,500.
Employees and employers who did not exercise their joint option during the previous window while being EPS members. Employees who joined before 1st September 2014 and who continue to be members on or after that date. Such employees have been considered eligible for higher pension options.
