EPFO on Monday fixed the process for higher pension in the Employees’ Pension Scheme. Under this process, both the Employees and the EmployPFO will be able to jointly apply for the higher pension after the process of applying for higher pension has been fixed in the Employees Pension Scheme. Now every single application will be registered. All applications will be logged digitally and a receipt number will also be given to the applicant
Employed employees now have a chance to get more pension. EPFO , the organization managing the pension facility for employed employees, has started a process on Monday. Under this process, now both the employee and the employer will be able to jointly apply for higher pension. Earlier in November 2022, the Supreme Court had upheld the Employees Pension (Amendment) Scheme 2014.
This amendment happened in 2014
The EPS revision of August 22, 2014 raised the pensionable salary cap from Rs 6,500 per month to Rs 15,000 per month and allowed members to contribute 8.33 per cent of their actual salary with their employers. At the same time, in an office order, EPFO has made arrangements for joint option form for field officers. EPFO said that the URL (Unique Resource Location) for the facility to be provided will be notified soon. As soon as this facility starts, a notice for this will be issued to the Regional PF Commissioner.
Now every application will be registered
Now every single application will be registered. All applications will be digitally logged and a receipt number will also be given to the applicant.
It further said that the in-charge of the concerned Regional Provident Fund Office will examine each case of joint option on higher pay and inform the decision to the applicant through e-mail/post and subsequently also through SMS.
Applicant can also complain
Any grievance can be lodged by the applicant on EPF IGMS (Grievance Portal) after submission of his/her Joint Option Form and payment of due contribution. 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.
EPFO ordered to issue the instructions of the Central Government
EPFO has asked its field offices to provide the option of higher pension 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. The apex court had given six months to all EPS members from September 1, 2014, to opt for the revised scheme. PPF Scheme: Millionaires can also be made from PPF, even a CA will not be able to tell you this math!
