New Delhi, February 21: EPFO or Employees Provident Fund Organisation (EPFO) guidelines were released on February 20, 2023. EPFO's new guidelines allow eligible employees to avail of a higher pension under the Employees Pension Scheme (EPS). The last date to apply for a higher pension under EPS is March 3, 2023. This deadline has been given after the recent Supreme Court judgement dated November 4, 2022.

As per the Supreme Court's order, only specific category employees will be eligible for the higher pension scheme under para 11 (3) and 11 (4) to the concerned Regional office:

  1. The employees and employers who had contributed under paragraph 26(6) of the EPF scheme on salary exceeding the prevalent wage ceiling of Rs 5000 or Rs 6500.

  2. The employees and employers who did not exercise joint option under the proviso to Para 11 (3) of the pre-amended scheme (since deleted) while being members of EPS, 1995.

  3. The employees and employers who were members before 1.9.2014 continued to be members on or after 1.9.2014.

Earlier, employers who were members of EPF as on August 31, 2014, were not allowed to apply for higher pensions. However, now, they can apply before March 3, 2023. EPFO Unveils Procedure to Apply for Higher Pension Under Employees Pension Scheme.

EPS: How To Apply For Higher Pension

The eligible candidates must follow the guidelines while submitting their papers to the regional office.

(i) The request will be made in such form and manner as may be specified by the Commissioner

(ii)The joint option will contain the disclaimer and declaration as may be specified therein

(iii) In case of share requiring adjustment from Provident Fund to Pension Fund and if any re-deposit to the fund, explicit consent of the employee will be given in the joint option form

iv) In case of transfer of funds from exempted provident fund trust to the pension fund of EPFO, an undertaking of the trustee shall be submitted. The undertaking shall be to the effect that due contribution, along with interest up to the date of payment, will be deposited within the specified period

v) In case of employees of unexempted establishments, refund of requisite employer's share of contribution, the same shall be deposited with interest at the rate declared under para 60 of EPF scheme 1952 till the date of actual refund

vi) The method of deposit and that of computation of pension will follow through a subsequent circular

vii) Aforesaid joint option must contain the proof of remittance of the employer's share in the provident fund on higher wages exceeding the prevalent wage ceiling of Rs 5000/6500 and proof of joint option under 26 (6) of the EPF scheme duly verified by the employer

EPS: Post Submission of Papers For Higher Pension

Once the papers are submitted, the Regional P.F. Comissioner will get a consolidated file of each employee. EPFO Added 14.93 Lakh Members in December 2022, Says Labour.

a) A facility will be provided for which URL will be informed shortly. Once received, the regional PF Commissioner will put up an adequate notice on the notice board and banners for broader public information.

b) Each application will be registered and digitally logged. The receipt number will be provided to the applicant.

c) The application will land into the employer's login, whose verification with digital signature/e-sign will be essential for further processing.

The Supreme Court has allowed employees who were members of EPF as on August 31, 2014, by March 03, 2023. It is essential to check whether you fall into the category of receiving a pension or not. Also, if you clear the eligibility criterion and did not receive your payment on time, then he or she may get the same with interest at the rate declared under para 60 of EPF scheme 1952 till the date of the actual refund.

(The above story first appeared on LatestLY on Feb 21, 2023 06:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).