EPFO Higher Pension: The deadline has been extended for the third time to opt for higher pension. Earlier it was extended to 3 May and after that it was extended till 26 June. Once again EPFO has extended and now applicants can complete this work till 11th July.
Employees’ Provident Fund Organization (EPFO) has given the eligible members the option to choose the Higher Pension option. The last date for this was fixed as June 26, which has now been extended once again. According to PTI, EPFO has now set July 11, 2023 as the new date for choosing this option, giving great relief. This decision has been taken to enable all eligible persons to file their applications under this scheme.
The Supreme Court had given the order on November 2022
According to the Ministry of Labour, EPFO has made arrangements to receive applications for verification of option/joint option from pensioners/members as per the order of the Supreme Court on November 4, 2022. The Supreme Court had ruled that the employees who were part of EPF before 01.09.2014 or on 01.09.2014 but could not apply for higher pension can choose the new option within four months. After this, the application deadline was extended to 3 May 2023. After this, it was again extended till 26 June.
These members can apply
Looking at the EPFO’s circular related to higher pension, the employees who contributed salary above the erstwhile wage ceiling of Rs 5,000 or Rs 6,500 and opted under EPS with the revised scheme while being a member of EPS-95, He will be eligible for higher pension. At the same time, for the increased benefit, the eligible member will have to apply jointly with his employer in the application form prescribed by the commissioner and all other necessary documents like joint declaration etc.
EPS revision happened in 2014
Let us tell you that on November 2022, the Supreme Court had upheld the Employees Pension (Amendment) Scheme 2014. The pensionable salary cap was increased from Rs 6,500 per month to Rs 15,000 per month by the EPS revision of 22 August 2014. Along with this, members and employers were also allowed to contribute 8.33% of their actual salary to EPS.
Apply immediately
- First go to the e-Seva portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Now click on the Pension on Higher Salary option on the home page. - By doing this, a new page will open on your computer screen, where the Click Here option will appear.
- After selecting the Click Here option, you will be asked for UAN number and other information on the new page.
- You enter UAN, name, date of birth, Aadhaar card, Aadhaar linked mobile number at the designated place.
- Now an OTP will come on your registered mobile number for verification, which will have to be verified by entering it.
It will be beneficial to choose the option
Talk about the advantages and disadvantages of choosing and not choosing the Higher Pension option, then tell that it can be beneficial for those who want more monthly pension. In such a situation, through this scheme, they will not need to make a huge payment at the time of retirement. But choosing the higher pension option will reduce your EPF balance, while your pension will increase. On the other hand, people who do not choose this option will have good funds in EPF.
