EPFO Higher Pension If you have been a member of the Employees’ Pension Scheme (EPS) for at least 10 years and have attained full age as on the joining date, you may be eligible for higher pension.
EPFO has extended the last date to apply, giving a chance to those getting more pension. EPFO has extended the deadline for members who retired before September 2014 to opt for higher pension.
All eligible pensioners who retired before September 2014 under the Employees’ Pension Scheme 1995 (EPS 95) can apply for enhanced pension by May 3 this year.
The deadline for these pensioners to opt for higher pension had ended on March 3, 2023. Giving relief to them, EPFO has made this big change. Announcing the extension of the date, the Labor Ministry has said that on the demand of employee/employer unions, the chairman of the Central Board of Trustees has extended the time for submission of applications for verification of joint options from such employees till May 3, 2023.
If you opt for higher pension then you will have to make additional contribution.
One more chance to get more pension
The Supreme Court had earlier held that employees who retired before September 1, 2014, would be eligible for pension on higher pay. In this regard, instructions were issued to the field offices through circulars dated December 29, 2022 and January 5, 2023.
Online facility for submission of application for verification was made available on the EPFO website till March 3, 2023 for the employees who retired before September 1, 2014 and exercised joint options before retirement.
All customers will be able to apply till May 3, 2023
The deadline for all categories of customers to apply for the scheme is May 3, 2023. For eligible pensioners under the Employees’ Pension Scheme 1995 (EPS-95), who had retired before September 2014, the deadline to opt for higher pension ended on March 3 this year.
In November last year, the Supreme Court in its order asked the Employees’ Provident Fund Organization (EPFO) to give four months’ time to a separate category of subscribers of EPS-95 to opt for higher pension.
What is the standard of higher pension
Under this option the subscribers who are able to contribute more than their actual basic salary and who can contribute more than the pensionable salary (limit) of Rs.15,000 per month, will get higher pension. Minister of State for Labor and Employment Rameshwar Teli has said in a written reply in the Lok Sabha that joint options for this category of retirees were to be filed on or before March 3, 2023.
The Minister informed the House that instructions have been issued by the EPFO for filing of online joint option on February 20, 2023, by those employees who were in service prior to September 1, 2014 and continued to be in service as on September 1, 2014.