After the recent decision of the Supreme Court (Supreme Court On EPS), the Employees' Provident Fund Organization (EPFO) issued a guideline (EPFO EPS Guidelines) on 20 February. In this guideline, the procedure to apply for employees eligible for higher pensions under the Employees' Pension Scheme (EPS) has been explained. After the latest decision of the Supreme Court, now such employees can also apply for a higher pension, who are eligible for it but could not apply earlier.
The Supreme Court has given this new opportunity to apply for more pensions for a short time. At present, the deadline for applying for more pensions under EPS (EPS Deadline) is March 03, 2023. The Supreme Court had given its verdict in this regard on 04 November last year. After that EPFO issued guidelines this week.
Before knowing the process of applying, let us understand which employees can apply for getting more pensions. As per the circular issued based on the Supreme Court judgement, such employees may submit combined options under Para 11(3) and 11(4) with their employer to the concerned Regional Office...
Employees and employers who have contributed under para 26(6) of the EPF Scheme when their salary exceeds the wage ceiling of Rs.5000 or Rs.6500, and
while being a member of EPS 1995, has not availed of the combined option under paragraph 11(3) of the pre-amended scheme, and
Already been a member since 01 September 2014 and continues to be a member thereafter.
This means that those employees who were members of EPF on 31 August 2014 and who did not opt for a higher pension under EPS have the opportunity to choose this option till 03 March 2023.
How to apply for more pension than EPS (How to apply for EPFO EPS Pension Scheme):
The request has to be made in the form and format specified by the commissioner.
Disclaimer and declaration will be given in the combined option.
If some part of the provident fund is to be put in the pension fund or any re-deposit is to be made in the fund, then the employee will have to give consent in this regard in the joint option form.
If there is a need to transfer money from the exempted PF trust to the pension fund of EPFO, then an amount equal to the entire contribution including interest till the date of payment has to be deposited within the stipulated time.
In the case of non-exempt establishments, the refund of the employer's share along with interest will have to be deposited.
A separate circular will be issued for depositing and calculating pension.
Once the joint form is submitted, it will be disposed of under the circular. A separate web link will be provided soon to give information about the status of the application. Every application will be registered and a digitally logged-in facility will be available. For this applicants will get a receipt number.
