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EPFO Issues Guidelines on Higher Pension after Supreme Court Ruling: How to Apply?

The Employees’ Provident Fund Organisation (EPFO) has circulated a message in regard to eligibility criteria for higher pension. There have been some updates which made multiple people eligible for higher pensions and you can check the eligibility criteria for the same below:

  • If you are an EPS member who contributes a salary exceeding Rs. 5,000.
  • EPFO subscriber exercising joint option under the Employees’ Pension Scheme (EPS).
  • Members whose exercise for such an option was declined.
EPFO Issues Guidelines on Higher Pension

EPFO is expanded as The Employees’ Provident Fund Organisation that came into existence after replacing the Employees’ Provident Funds Ordinance in 1952. It is a government-run scheme that has been established to offer a pension scheme to employees. Under this scheme, they contribute a certain amount of their salary on a monthly basis while the employer also puts in their share of this contribution. This amount accumulates throughout their life that they get as a pension in their old age.

Also read:

Top 5 Financial Mistakes to Avoid in the New Year 2023

How can eligible pensioners apply for a higher pension?

If you are someone who is eligible for a higher pension, then please follow the instructions mentioned below:

  • The pensioner needs to visit the nearest regional office, and submit the required application form and proper documents.
  • You must also include the disclaimer as ordered in the aforesaid government notification.
  • The explicit consent of the pensioner shall be given in case of share requiring provident fund adjustment.
  • In case of transfer of funds, an undertaking with contribution and interest shall be deposited.

Conclusion

In this article, we learnt how we can apply for higher pensions if we are eligible for the same according to new regulations set by The Employees’ Provident Fund Organisation (EPFO). If you are also one that falls under the same, then take help from this article to go through the process effortlessly.

Please share this article with your friends and family members who should know about these benefits.

Komalpreet

Words help me express the unsaid and we have come a long way while walking hand in hand like that so now I write about anything and everything that ignites the spark of inspiration in me.

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