Pension Update: If you also want to get more pension then there is good news for you. On behalf of the Central Government, employees are being given the opportunity to choose higher pension. If you have not selected this option yet, then you have 10 days left. EPFO has provided online facility to the subscribers to fill the joint option form with the employer to opt for higher pension.
Time till June 26
Let us tell you that the government has increased its limit for the second time. Earlier its limit was 3 May 2023 and now it has been increased to 26 June 2023. That means from today you have about 10 days left.
There are many questions regarding higher pension
At present, things are not clear about how the option of additional contribution will work and what will be the mode of payment if the higher pension is opted for. The member is not even aware as of now whether he will get the option to opt out of the higher pension scheme in case of asking for a higher amount.
Information received from notification
It has been clarified in the circular that the additional amount will be determined by the Regional Officer, whatever amount will be determined, information about it along with interest will be given to the shareholders opting for higher pension. It has been said that the pensioners/members will be given time up to three months to deposit the money and give consent for the transfer of funds.
How much do you contribute now?
The government contributes 1.16 per cent as subsidy to the Employees’ Pension Scheme (EPS) on a limit of Rs 15,000 basic salary. Employees contribute 12 percent to the social security scheme of EPFO. At the same time, out of 12 percent contribution of the employer, 8.33 percent goes to EPS. The remaining 3.67 percent goes to the Employees’ Provident Fund.
