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The EPFO has issued guidelines giving procedures for eligible employees to submit applications for higher pensions under the EPS.
The EPFO has introduced a new procedure to allow its subscribers and their employers to jointly apply for a higher pension under the Employees' Pension Scheme (EPS).
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As per the new guidelines, the EPFO will now allow its subscribers to go beyond the pensionable salary capped at ₹15,000 per month.
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The employers can now deduct a sum equal to 8.33% of the ‘actual basic salary' towards pension under the EPS.
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As per the new EPFO circular, the following employees, along with their employers, can submit joint options under paragraphs 11 (3) and 11 (4) to the concerned regional EPFO office-
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1. Employees and employers who had contributed under paragraph 26(6) of the EPF scheme on salary exceeding the prevalent wage ceiling of ₹5,000 or ₹6,500.
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2. Those who did not exercise the joint option under the provision of paragraph 11 (3) of the pre-amended scheme while being members of EPS, 1995.
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3. Those who were members prior to September 1, 2014, and continued to be a member.
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Currently, the deadline to apply for a higher pension under EPS is March 3, 2023, as per the recent Supreme Court judgement dated November 4, 2022.
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The guidelines issued in the EPFO circular stated that an online facility will be provided for employees who continued to be members of EPS on or before September 1, 2014, details of which will be informed shortly.
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The eligible subscribers will have to apply jointly with their employer in the application form prescribed by the commissioner along with all other required documents like joint declaration, etc.
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The EPFO said that each application will be registered and digitally logged, and the receipt number will be provided to the applicant.
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It added that the office in charge of the concerned regional PF office will examine each application of joint option on higher salary and inform the decision to the applicant through e-mail/post and SMS.
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Applicants can register their grievances on the EPFiGMS portal after submitting their joint option form and paying any due contributions, if any.
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