The Employees’ Provident Fund Organization (EPFO) has set May 3 as the last day to submit applications for higher pensions under the Employees’ Pension Plan (EPS). With the deadline looming, EPFO has shared new information to confirm wage details for employees and employers. EPFO said in his April 23 order that applications for higher pensions would be scrutinized and verified by field offices.
Employees who joined prior to September 1, 2014 and are still enrolled are eligible to apply for a higher pension. (HT photo)
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Amit Gupta, M.D., of SAG Infotech, told HT’s sister journal: live mint No reason was given for the surge in pension applications. The EPFO circular announced that the process to access higher pensions is not automated and that members are responsible for meeting eligibility requirements.
Documents to be submitted
Employees must share agreements that allow the transfer of funds from the provident fund to the pension fund. This is proof of Provident Fund’s employer’s share of above-average wages. ¥5,000/ ¥A joint options form with declarations from employers and employees for higher EPS of 6,500, and a higher EPS of 8.33% of future actual wages, Gupta said.
Who qualifies now?
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1) Employees who joined before September 1, 2014 and have continued
2) Employees and employers who have contributed salaries exceeding the standard wage ceiling; ¥5,000 or ¥6,500.
“If the FO details and employer details match, the membership fee will be calculated and the APFC/RPFC-II/RPFC-I will pass the membership fee deposit/remittance order. If there is a discrepancy, APFC/RPFC Employer and employee/pensioner will be notified of the same by -II You will be given 1 month to complete the information If complete information is received, the case will proceed to 3 above However, if the complete information is not received within one month, the order will be effectively taken over by APFC/RPFC-II/RPFC-1,” EPFO said in the order. I’m here.
How to apply
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After submitting the application at EPFO Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/), along with the required documents, will be monitored by the employer after submission by the EPFO officer.
If the information provided is found to be accurate, the eligible membership fee will be calculated and remitted.
If any details are missing, the employee and employer will be contacted by EPFO and given one month to correct the error.
The EPF interest rate rose to 8.15% in FY23, the highest in the microsavings category.
