EPFO’s deadline for more pension is about to end, how to apply, know everything
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If you are associated with the Employees Provident Fund Organization (EPFO), then this news is very important for you. In fact, the deadline to apply for more pension under the Employees’ Pension Scheme (EPS) is fast approaching. Its last date is 3 May. It means to say that by May 3, one has to apply for more pension.
What is the matter: Actually, in November 2022, the Supreme Court had given an order on more pension. As per this, all the members of EPFO who are EPS members can now contribute towards higher pension with conditions.
Who is eligible for higher pension?
1) Employees who were members of EPS before 1st September 2014, and continue to be members on or after that date
2) Employees and employers who paid contribution on salary exceeding the standard wage limit of ₹5,000 or ₹6,500. Explain that EPS was started in 1995 and under this the high pensionable basic salary was Rs 5,000 per month. It was later increased to Rs 6,500 and the basic pay to Rs 15,000 per month with effect from September 1, 2014.
As of now, the company’s pension contribution for the employee is 8.33% of Rs 15,000 i.e. Rs 1,250. Even if the basic pay exceeds Rs 15,000, the employer’s contribution to pension is calculated only on the basic pay of Rs 15,000.
how to apply
- Will have to go to the portal of EPFO.
- Here you will see the Pension on Higher Salary tab. Click on this tab.
- In the next step the option of “Combined Application Form” will also be given.
- After clicking it enter the details asked on the screen. This includes UAN, name, date of birth, Aadhaar number, mobile number linked to Aadhaar and captcha.
- Then click on “Get OTP”.
- One-time password will be sent to your Aadhaar linked mobile number.
- The application will be verified by the employer after it is submitted by the EPFO officer.
- If all the details are correct, the amount due will be calculated and the order to transfer the dues will be passed. In case of mismatch, the employer and employee will be informed by EPFO and they will be given a period of one month to complete the information.
- The interest rate on PF deposits for FY23 is 8.15%
EPFO increased the interest rate on Employees’ Provident Fund to 8.15% for FY23. This is a slight increase from the previous year. Explain that EPF has the highest interest rate in the small savings category.
(photo credit economictimes)
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