Employees' Pension Scheme (EPS): Two more days to opt for higher pension

EPS higher pension: Employees who want to opt for a higher pension scheme provided by the Employee Provident Fund Organisation (EPFO) have only two days left to do so as the deadline is May 3, 2023. Employees who became members of EPFO before September 1, 2014, are eligible to opt for the Employees' Pension Scheme (EPS) for higher pension. They will have to fill out and submit the online joint option form with the necessary documents.

EPFO, which is one of the world's largest social security organisations, had launched a procedure to enable subscribers and their employers to jointly apply for higher pensions under the EPS.

Employees who became members before September 1, 2014, contribute 8.33 per cent of Rs 15,000 (i.e. Rs 1,250 per month) to the pension scheme, and the remaining is contributed towards the provident fund.

The EPS amendment of August 22, 2014, raised the pensionable salary cap from Rs 6,500 to Rs 15,000 per month and granted members and their employers to contribute 8.33 per cent of their actual wages (if they surpassed the cap) to the EPS.

EPFO: How to apply for higher contribution?

Here is a short step-by-step guide to opting for increased pension contributions

Step 1: Eligible employees who wish to opt for increased pension contributions must submit an application in the prescribed form on the EPFO portal, together with the appropriate paperwork.

The URL is https://unifiedportal-mem.epfindia.gov.in/memberinterface/.

Step 2: The application will be validated by the employer when it is submitted.

Step 3: The EPFO official would next review the application form, and if all facts are correct, the dues would be calculated and an order for transferring the dues would be issued. If there is a mismatch, EPFO will notify the employer and employee, and they will be given one month to complete the information.

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