Time is running out for individuals seeking to enhance their pension benefits under the Employees Pension Scheme (EPS).
With just two days left until the deadline, eligible applicants are urged to act promptly. The last date to apply for a higher pension under EPS has been set for July 11, 2023.
It is important to note that the EPFO (Employees’ Provident Fund Organization) has already extended the deadline twice, making it unlikely for any further extensions to be granted.
EPFO Guidelines and Eligibility
Earlier this year, the EPFO issued guidelines enabling certain members to opt for an increased pension option under EPS.
These guidelines were implemented in compliance with a Supreme Court order issued on November 4, 2022.
Currently, the pension is calculated at 8.33% of the maximum pensionable salary of Rs 15,000.
In the new window, employees have the opportunity to request their employers to deduct 8.33% of the higher monthly basic pay towards the EPS pension.
This joint application allows both the employee and the employer to participate in the process.
Eligibility for Application
According to the EPFO, eligible employees can submit a joint option along with their employers by visiting the respective regional office. The following categories of individuals are eligible to apply:
- Employees and employers who contributed on a salary exceeding the salary limit of Rs 5,000 or Rs 6,500.
- Employees and employers who were EPS members but did not exercise the joint option in the previous window.
- Employees who were members prior to September 1, 2014, and have maintained their membership since that date, making them eligible for the higher pension option.
Act Now to Secure Your Pension Benefits
If you meet the eligibility criteria and wish to avail yourself of the opportunity to increase your pension, it is crucial to take action within the remaining two days.
Make sure to visit the concerned regional office along with your employer to submit your joint option.
Don’t miss out on this chance to enhance your future financial security through an improved pension scheme.
