EPFO higher pension: The Employees’ Provident Fund Organization (EPFO) has updated its guidelines for review of data and salary submissions made by employee and employer to qualify for higher pension. According to a circular issued by the EPFO on April 23, field offices will review applications for enhanced pension and combined possibilities. If all requirements are met, the pay information provided by the employers will be compared with the information maintained by the field offices.
The EPFO circular also provides for higher pension option for eligible subscribers who either contributed on actual salary in excess of the prevailing limit pensionable salary of Rs 5,000 or Rs 6,500 per month or exercised their option for higher pension or His request for pension was rejected by the EPFO before the revision of EPS-95 in 2014.
Eligible members must submit a joint application for enhanced benefits with their employer using the application form specified by the Commissioner and any other required materials, such as a joint declaration and other supporting documentation.
Are you eligible to receive higher pension benefits?
- EPFO in a circular clarified several points with regard to the members who are eligible for higher pension benefits.
- Only existing employees or those who retire after September 1, 2014, are eligible for pension over and above the limit prescribed by the Employees’ Pension Scheme (EPS) of 1995.
- Employees and employers who contributed salary in excess of the prevailing wage limit of Rs 5,000 or Rs 6,500.
- Members who have not opted for joint option under the Employees’ Pension Scheme (EPS) of the pre-revised scheme, while they were members of EPS-95.
