Pension Scheme: If you select the option of higher pension, then the lump sum amount received at the time of retirement may be reduced. Although this will increase your monthly pension.
EPFO Pension Rules: If you are also employed, then this news is useful for you. Yes, the Employees’ Provident Fund Organization (EPFO) has extended the deadline for opting for higher pension. Now the employees can apply till July 11 to get more pension. This is the second time when the deadline to apply for opting for higher pension has been extended. Earlier it was extended from May 3, 2023 to June 26, 2023.
Last chance given for 15 days
In a statement issued by the EPFO, it was said that the eligible pensioners / shareholders have been given the last opportunity for 15 days with the intention of getting rid of any kind of problem related to it. According to the statement, ‘Accordingly, the deadline for submission of application for verification of option / joint option to the employees has been extended to July 11, 2023.’
Earlier June 26 was the deadline
Earlier, EPFO had asked the existing shareholders and retired employees to apply online by May 3, 2023, following the important decision of the Supreme Court on pension on November 4, 2022. After the demand of various parties, its deadline was extended to 26 June. According to the statement, any eligible pensioner/member who faces difficulty in submitting online application for verification of option/combined option due to problem in updating KYC, may lodge a complaint on ‘EPFI GMS’ for immediate resolution. Can get it done.
Both advantages and disadvantages of the plan
According to the statement, ‘Complaint can be made by choosing higher pension benefits on higher salary. This will ensure record for further action. It is worth noting here that if you select the option of higher pension, then there may be a reduction in the lump sum amount received at the time of retirement. Although this will increase your monthly pension. According to experts, this scheme has both advantages and disadvantages.
How to apply for higher pension
- For higher pension, first of all one has to go to the e-seva portal.
- After that click on Pension on Higher Salary.
- Now you will reach the new page where you will see 2 options.
- Those who retire before September 1, 2014 will have to choose the first option.
- Apart from this, if you are still doing the job, then you have to select the second option.
- Details like UAN, name, date of birth, Aadhaar, mobile have to be filled.
- Now OTP will come on your Aadhaar linked mobile number, it has to be entered.
