Deadline To Apply For Higher Pension Ends Tomorrow. Check Details
The deadline to apply for higher pensions under the Employees Pension Scheme ends tomorrow (May 3). The deadline was initially set for March 3 but was extended by two months by the Employees Provident Fund Organisation (EPFO). Eligible employees covered under the 1995 scheme may avail of higher pension by submitting their request along with the required documents.
The Supreme Court last November allowed employees to contribute up to 8.33 per cent of their actual salary to their pension instead of 8.33 per cent for the pensionable salary which is capped at Rs 15,000 presently. The court had initially given a six months' window to all EPS members, as on September 1, 2014, to opt for the amended scheme.
In its order, the Supreme Court removed the requirement of employee contribution of 1.16 per cent of the salary exceeding ₹ 15,000 per month. This move was intended to allow employees to contribute higher to the scheme and avail of the benefits applicable.
If you also fall under the eligible employee category to avail of this scheme, you can submit your request online through the EPFO portal by following these simple steps.
Step 1: Log on to EPFO's e-Sewa portal - https://unifiedportal-mem.
Step 2: Click on the 'Pension on Higher Salary: Exercise of Joint Option under para 11(3) and para 11(4) of EPS-1995 on or before 3rd May 2023' mentioned under the important links tab.
Step 3: You will be redirected to a new page suggesting options of the application form for joint options.
Step 4: Click on the second link that reads, "Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 for employees who were in service prior to 1st September 2014 and continued to the in service on or after 01.09.2014 but could not exercise joint option under the erstwhile provision to para 11 (3) of EPS 1995 to be exercised on or before 3rd May 2023"
Step 5: You will again be taken to a new page, click on the link flashing on the right side of the screen.
Step 6: Enter the required information that includes your PPO number, name, date of birth and others.
Step 7: Generate OTP and verify to confirm submission of the request.
The circular issued by the EPFO following Supreme Court's November 4, 2022, order also offered higher pension options to employees who contributed on actual wages higher than Rs 5,000 or Rs 6,500 per month on the threshold pensionable salary.
The scheme also covered employees who opted for higher pensions even if the request was turned down by EPFO authorities before the amendment to EPS-95 in 2014.