EPF higher pension: How to apply on the EPFO portal? A step-by-step guide
Contents News/Article Date: 3rd March 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Applicable to which State: All the establishments in the States with PF coverage
Type: Mint news report
Pertains to: Establishments and Members of PF Fund
Relevance of this news: Karma Management Global Consulting Solutions Pvt Ltd is in the business of HR Services, Payroll, Outsourcing, and Regulatory Compliances right from its inception in 2004 since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory, and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also fully in labour compliance for nearly 18 years and is helping both establishments and workers fulfillment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on Pan India basis. Recently, it has diversified into foreign shores as well, into countries like the US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment, and governance.
And in this instance: The Employees Provident Fund Organisation (EPFO) recently came out with a set of guidelines for employees giving them the option to seek a higher pension. The retirement fund body has activated the URL of the unified members’ portal which states that subscribers seeking a higher pension can apply for it by May 3, 2023.
Subject: EPF higher pension: How to apply on the EPFO portal? A step-by-step guide
Appended is the complete news item
EPF higher pension: How to apply on the EPFO portal? A step-by-step guide
Source: Mint
The employee’s entire contribution goes to EPF while the 12 percent contribution by the employer is split as 3.67 percent to EPF and 8.33 percent to EPS.
EPFO has allowed certain eligible members to apply for higher pension under the EPS till 3 May 2023
The Employees Provident Fund Organisation (EPFO) recently came out with a set of guidelines for employees giving them the option to seek a higher pension. The retirement fund body has activated the URL of the unified members’ portal which states that subscribers seeking a higher pension can apply for it by May 3, 2023.
Here is a step-by-step guide to submitting an application for a higher pension
1) Go to the member e-Seva portal
2) There is an option for “Pension on higher salary: Exercise of joint option on or before May 3, 2023”. Click on that option.
3) Now, select “Application form for joint options – Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 for employees who were in service prior to 1st September 2014 and continued to the in service on or after 01.09.2014 but could not exercise joint option under the erstwhile provision to para 11 (3) of EPS 1995 to be exercised on or before 3rd May 2023.”
4) Now, enter the details asked on your screen i.e., UAN, Name, Date of birth, Aadhaar number, Aadhaar-linked mobile number, and captcha.
5) Click on “Get OTP”
6) A one-time password will be sent to your Aadhaar-linked mobile number.
What is the present rule for EPS?
At present, both employees and employers contribute 12 percent of the employee’s basic salary, dearness allowance, and retaining allowance, if any, to the employee provident fund or EPF.
The employee’s entire contribution goes to EPF while the 12 percent contribution by the employer is split as 3.67 percent to EPF and 8.33 percent to EPS.
The Employees Provident Fund Organisation (EPFO) has allowed certain eligible members to apply for higher pensions under the EPS till May 3, 2023.
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