scorecardresearchDeadline to apply for higher EPS pension is today: Here's how to do it

Deadline to apply for higher EPS pension is today: Here's how to do it

Updated: 26 Jun 2023, 11:26 AM IST
TL;DR.

Today is the last day for EPF members to apply for the higher pension scheme from the Employees' Pension Scheme (EPS). We discuss a step-by-step process to apply for this scheme.

Today is the last day for EPF members to apply for the higher pension scheme from the Employees' Pension Scheme (EPS).

Today is the last day for EPF members to apply for the higher pension scheme from the Employees' Pension Scheme (EPS).

The clock is ticking for EPF members who have yet to apply for the higher pension scheme from the Employees' Pension Scheme (EPS). Today, June 26, 2023, marks the final day to seize this opportunity. Having already been extended twice, missing this deadline would mean forfeiting the chance to apply for an enhanced pension amount.

In this article, we discuss essential information on eligibility criteria and the process to apply for the higher pension scheme. Don't let this opportunity slip away; apply now and secure a higher pension for a more financially secure retirement.

Who is eligible to apply?

The eligibility criteria for the higher pension scheme are determined based on two distinct categories of individuals.

The first category comprises those who retired after September 1, 2014, or are still actively employed. To qualify, individuals must have been members of the Employees' Provident Fund (EPF) before September 1, 2014, and continue their membership thereafter.

Additionally, both the employee and the employer should have contributed to the Employee Pension Scheme on salaries exceeding the wage ceiling, which was set at Rs. 5,000 or Rs. 6,500, depending on the relevant period

For individuals who retired prior to September 1, 2014 eligibility for the higher pension scheme is contingent upon exercising the joint option under para 11(3) of EPS-95 while being a member of the scheme. Furthermore, the employee and the employer must have made EPS contributions on salaries exceeding the prevailing wage ceiling.

It is crucial to note that employees who were members of EPS-95 and had previously exercised the joint option under para 11(3) but failed to submit new joint options after the 2014 amendment are not eligible to apply for the higher pension scheme.

In such cases, their EPS contributions will be calculated based on 8.33% of the maximum amount of Rs. 15,000, regardless of their actual salaries.

How to apply?

The procedure to apply for higher pension varies for different categories-

The application process for those retired after September 1, 2014:

Step 1: Visit the Member e-Sewa portal.

Step 2: Click on "Pension on higher salary: Exercise of joint option on or before May 3, 2023."

Step 3: Provide UAN, name, date of birth, Aadhaar number, Aadhaar-linked mobile number, and captcha.

Step 4: Validate details and consent to necessary adjustments or fund transfers.

Step 5: Submit the application and keep the acknowledgment number for reference.

The application process for those retired prior to September 1, 2014:

Step 1: Visit the Member e-Sewa portal.

Step 2: Click on "Validation of joint option."

Step 3: Enter PPO number, name, date of birth, Aadhaar number, Aadhaar-linked mobile number, and captcha.

Step 4:The rest of the procedure is the same as mentioned above.

What are the documents required?

  1. Proof of payment made to your EPF account
  2. Proof of joint option under para 26(6) of the EPF Scheme duly verified by the employer.
  3. Proof of joint option under the proviso to Para 11(3) of the pre-2014 amendment EPS duly verified by the employer.
  4. Proof of remittance in the provident fund and pension fund on higher wages exceeding the wage ceiling.
  5. Written refusal from the Assistant Provident Fund Commissioner or higher authority, if applicable.

Ensure that all information provided is accurate before submitting the application. The EPF will generate an acknowledgment number upon successful submission, which should be retained for future reference.

By following the necessary steps and submitting the required documents, you can secure a higher pension amount, providing increased financial security during your retirement years. Don't delay; act now and seize this opportunity before it's too late.

Article
EPF
First Published: 26 Jun 2023, 11:24 AM IST