There is great news for EPFO account holders. EPFO has started the process of applying for higher pension under the Employees’ Pension Scheme (EPS).
Image Credit source: NewsNCR Marathi
Employees Provident Fund Organization ie EPFO has given a big gift to pensioners before Holi. The Employees’ Provident Fund Organization on Monday started the process of applying for more pension under the Employees’ Pension Scheme (EPS). The body managing the retirement fund said that members and their employers will be able to apply jointly for this.
In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014. Earlier, the EPS amendment of August 22, 2014 had increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS.
EPFO in an office order has given details about handling of joint option forms by its field offices.
EPFO said that a facility will be given, for which the URL (Unique Resource Location) will be told soon. After getting this, the Regional PF Commissioner will give information through notice boards and banners for wide public information. According to the order, every application will be registered, digitally logged and a receipt number will be given to the applicant.
It further states that the Officer-in-Charge of the Regional Provident Fund Office concerned will scrutinize each case of joint option on higher pay. After this the applicant will be informed about the decision through e-mail/post and later through SMS.
It has been said in the order that these instructions are being issued in compliance with the order of the Supreme Court dated November 4, 2022.
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