EPFO Higher Pension: Last chance to get more pension, only one day left, due to this demand is being made to extend the date
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What is meant by the option of higher pension?
Think of it this way if your basic salary on which provident fund contribution is calculated is Rs 50,000, then your employer deducts 12 per cent of this amount ie Rs 6,000 as your Employees’ Provident Fund (EPF). The organization also contributes an equal amount towards your retirement benefit. A part of this (8.33 per cent) goes to the Employees’ Pension Scheme (EPS). And the remaining amount is put in your provident fund. Since this calculation is done at the statutory wage limit of Rs 15,000, out of your employer’s contribution of Rs 6,000, Rs 1,250 (8.33 per cent of Rs 15,000) goes to EPS. This amount gets added to the pool created under EPS to pay regular pension income to the member-employees with at least 10 years of service and their dependent family members.
The Supreme Court gave its verdict
In November 2022, the Supreme Court ruled that employees who were part of EPF before 1 September 2014 or on 1 September 2014, but could not apply for higher pension. He can choose the new option within 4 months. After this the application deadline was extended. It was extended to May 3, 2023. However, the process of joint application was difficult for the employees. It has been told in the circular of EPFO that the employees who had contributed in salary more than the then salary limit of 5 thousand or 6500 rupees. While being a member of EPS-95, opted under EPS with Revised Scheme. He will be eligible for higher pension.
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