EPFO Pensioners Higher Pension: EPFO has now released the release for the much awaited mode of contribution for higher pension. In a press release issued by the Ministry of Labor and Employment on May 3,
it has been said that it has been decided to take an additional contribution of 1.16% from the total 12% contribution of the employer in PF. In this case, the members opting for higher pension will not have to pay additional contribution of 1.16 per cent of the salary.
EPFO, Higher Pension Update: EPFO has given great relief to the account holders. Actually the last date to apply for more pension has been extended. Now till June 26, you can apply for it. Earlier the deadline was extended till May 3. If you haven’t applied for your higher pension till now, you can take advantage of it till June 26.
According to the information being received, a request was made to extend the deadline for applying for more pension in EPFO. So far 12 lakh employees have applied for higher pension. It is believed that after the extension of the deadline, an increase in this number will also be seen. Candidates are facing a lot of difficulty in filling the application. In such a situation, the employees have to be very careful while filling the application.
Change in formula
At present, a formula has been prepared regarding pension calculation. According to this, employees can be entitled to such pension, in which the return will be higher than the current market rate. However, the situation will not be in favor of the government as it will increase the burden on the exchequer. There is the right to change this formula. He can change the formula according to the market.
Issued orders
Meanwhile, the order was issued by the Labor Ministry. In which it was said that the share holders opting for fair pension in EPFO will be paid from the contribution made by the employer. 1.16% of the basic salary of the share holders will be taken for pension. In the same statement issued by the Ministry on Wednesday evening, it has been said that it has also been decided to take an additional 1.16% contribution to the total 12% contribution of employers in PF.
The Labor Ministry has clarified that the Social Security Code under the EPF and MP Act does not envisage contribution to the Pension Fund from employees. The same government pays 1.16% of employees with basic salary up to 15000 as subsidy for contribution to Employees Pension Scheme.
The same employer contributes 12% of the basic salary to the social security scheme by EPFO. Out of which 8.33% is deposited in EPS and the remaining 3.67% in PF. Let us tell you that the EPFO share holders can opt for contribution on basic salary above the limit of 15000 to get pension. Employees will not have to contribute. For this, a contribution of 1.16% of the basic salary will be taken from the employer’s share of 12%.
Eligible to opt for higher pension
Employees whose salary is less than the salary limit under the rule. It is mandatory for them to join EPFO and contribute to EPF and EPS to the existing limits. EPFO notifies the salary limit from time to time. The same employees who were members of EPFO before 1st September 2014 and have become members on or after 1st September 2014. He will be eligible to opt for higher pension. In such a situation of hello, according to the decision of the Supreme Court, this can be done only if their salary has been more than the salary limit.
