EPF high pension deadline only 2 days away – eligibility, the process to apply, calculation : 7/7/23
Contents News/Article Date:7th July 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Penalty under the Act: Whoever, for the purpose of avoiding any payment to be made by himself under this Act [the Scheme, the [Pension] Scheme] or the Insurance Scheme] or of enabling any other person to avoid such payment knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment for a term which may extend to one year, or with a fine of five thousand rupees, or with both].
Applicable to which State: All the States and Establishments to be covered by these Acts
Type: CNBC news report
Pertains to: All establishments and members covered by the EPF and EPS Act.
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And in the current instance: The last date to apply for a Higher Pension under the Employees’ Pension Scheme (EPS) is July 11, 2023, i.e. Tuesday. With only 2 days left, subscribers should complete the process as soon as possible.
Subject: EPS High Pension deadline – only 2 days left, last date 11th July 2023
Appended is the complete news item
The last day to apply for a higher pension under the Employees’ Pension Scheme (EPS) is July 11 i.e. Tuesday.
With only 2 days left now, subscribers should complete the process as soon as possible.
It must be noted that this deadline has been extended thrice and another extension is unlikely.
About EPF’s high pension
The EPFO’s guidelines were issued in compliance with the Supreme Court’s November 4, 2022 order. Currently, the contributions towards EPS was capped at 8.33% of the maximum 15,000 pensionable salary. In the new window, members have the option to let employers deduct a sum equal to 8.33% of the actual basic salary towards the EPS Pension, thus ensuring a larger accumulation towards pension over their work life.
Eligibility
The following employees can submit joint options to the concerned regional office.
- Employees and employers who had contributed on salary exceeding the wage ceiling of Rs.5000 or Rs.6500/-
- Employees and employers who did not exercise the joint option in the previous window while being EPS members
- Employees who were members before September 1, 2014, and continued to be a member on or after that date.
How to calculate a high pension on actual salary?
The formula for calculating higher pension will be different for those retiring before September 1, 2014, and for those retiring after this date.
- For those retiring before September 1, 2014, it will be calculated on the basis of average monthly pay drawn 12 months prior to retirement (or exit from the pension fund).
- For those who retired post this date, the pension will be calculated on the basis of average monthly pay during the 60 months immediately preceding retirement.
At present, pension is calculated as being equal to pensionable salary (average of last 60 months’ salary) x number of years of contribution / 70 PF pensions, already drawing a higher pension, should apply through the portal, says the official.
Pensioners who are drawing pension on higher wages are also supposed to apply through https://unifiedportal – mem.epfindia.gov.in for scrutiny of their cases for eligibility and continuation of higher pension.