Members of the Employees’ Pension Fund who have not yet applied for the increased pension scheme are running out of time (EPS). Today, June 26, 2023, is the last day to take advantage of this opportunity. This deadline has already been extended twice, so missing it would mean losing the opportunity to register for an increased pension amount.
In this article, we discuss the eligibility requirements and application process for the higher pension scheme. Do not let this opportunity pass you by; register immediately to increase your pension for a financially secure retirement.
Who qualifies to apply?
The higher pension scheme’s eligibility requirements are founded on two distinct categories of individuals.
The first group consists of those who retired after September 1, 2014, or are still working. Individuals must have been members of the Employees’ Provident Fund (EPF) prior to September 1, 2014, and continue to be members after that date.
In addition, both the employee and the employer were required to contribute to the Employee Pension Scheme for salaries exceeding Rs. 5,000 or Rs. 6,500, depending on the applicable period.
For individuals who retired prior to September 1, 2014, eligibility for the higher pension scheme is contingent on their exercise of the joint option outlined in paragraph 11(3) of EPS-95 while enrolled in the scheme. In addition, both the employee and the employer must have made EPS contributions on wages in excess of the applicable wage cap.
Importantly, former EPS-95 members who previously exercised the joint option under paragraph 11(3) but neglected to submit new joint options after the 2014 amendment are ineligible to apply for the higher pension scheme.
Regardless of their actual compensation, their EPS contributions will be calculated based on 8.33 percent of a maximum of Rs. 15,000.
How can I apply?
- The application process for an increased pension varies for various categories-
- The application procedure for retirees following September 1, 2014:
- Visit the e-Sewa Member portal.
- Select “Pension on higher salary: Exercise of joint option by May 3, 2023 or before”
- Provide UAN, name, date of birth, Aadhaar number, mobile number associated with Aadhaar, and captcha.
- Validate information and authorise any required adjustments or fund transfers.
- Submit the application and retain the receipt number for future reference.
The application procedure for retirees prior to September 1, 2014 is as follows:
- Visit the e-Sewa Member portal.
- Click on “Joint option validation.”
- Enter the PPO number, name, date of birth, Aadhaar number, mobile number associated with Aadhaar, and the captcha.
- The remainder of the procedure is the same as described previously.
What documents are required?
- Evidence of payment to your EPF account
- Employer-verified evidence of a joint option pursuant to Section 26(6) of the EPF Scheme.
- Employer-verified evidence of joint option under the proviso to Paragraph 11(3) of the pre-2014 amendment EPS.
- Provide evidence of contributions to the provident fund and pension fund for earnings that exceed the wage ceiling.
- If applicable, a written refusal from the Assistant Provident Fund Commissioner or a superior authority.
Ensure that all provided information is accurate prior to submitting the application. Upon successful submission, the EPF will generate an acknowledgment number, which should be kept for future reference.
By following the necessary procedures and submitting the necessary paperwork, you can secure a higher pension amount, thereby enhancing your financial security during your retirement years. Act immediately and grasp this opportunity before it expires.
