The Employees' Provident Fund Organization (EPFO) has issued guidelines explaining the process for eligible employees to apply for higher pension under the Employees' Pension Scheme (EPS). Any employee who was a member of EPF as on August 31, 2014 and has not opted for higher pension under EPS, has the option to opt for it on or before March 3, 2023.
Now member and employer will be able to apply jointly for higher pension under EPS. The Employees' Pension (Amendment) Scheme, 2014 was upheld by the Supreme Court on November, 2022. The EPS revision of August 22, 2014 raised the pensionable salary cap from Rs 6,500 per month to Rs 15,000 per month. Members and employers were also allowed to contribute 8.33% of their actual salary to EPS.
It has been said in the order that these instructions are being issued in compliance with the order dated November 4, 2022 of the Supreme Court. EPFO has asked its field offices to provide higher pension options to eligible subscribers as per the Supreme Court order. According to EPFO's circular dated 29 December 2022, the Central Government has directed to implement the instructions given in the order.
To get the higher pension, the EPS member has to visit the nearest EPFO office.
There they will have to submit the documents sought along with the application.
The application will have to be given according to the method and format given by the commissioner.
There will also be a disclaimer and declaration in the joint option.
If there is a need for adjustment from provident fund to pension fund, then the consent of the employee will be required in the joint form.
In case of transfer of funds from Exempted Provident Fund Trust to Pension Fund, the trustee will have to submit an undertaking.
The URL (Unique Resource Location) will be intimated shortly after the submission of the application.