EPFO Higher Pension Scheme Direct Link to Apply Online, Deadline, Benefits & Eligibility, EPFO Higher Pension Application Form 2023, Latest News, Calculator
There is good news for government employees who have not yet opted for a higher pension under the EPFO Higher Pension Scheme 2023. On Monday, the Employees’ Provident Fund Organisation (EPFO) announced that the deadline to choose a higher pension is extended to May 3, 2023. This scheme is suitable for employees who are working before 1st September 2014 and have not activated their accounts under the government pension program. The EPFO Higher Pension Scheme 2023 is a good opportunity for government employees to increase their pension amount.
EPFO Higher Pension Scheme 2023
The scheme called Higher Pension Scheme gives pensions to retired employees according to their years of service and the average of their salary. The employee has to qualify for the eligibility criteria to receive the benefit of the scheme. Members of the Employees’ Provident Fund Organisation (EPFO) will get a pension after retirement. The extended deadline till May 3, 2023, has given more time for entitled employees to take benefit of this scheme. According to the EPFO Higher Pension Scheme, government-eligible employees who have not yet activated their account under the government pension program and are in the job before September 1, 2014, can apply to increase their pension amount. Every employer should know that the application process for the scheme is still open.
EPFO Higher Pension Scheme Highlights
|Name||EPFO Higher Pension Scheme|
|Deadline||3rd May 2023|
|Deadline Extended by||Employees’ Provident Fund Organization (EPFO)|
Benefits of EPFO Higher Pension Scheme
- The scheme will provide financial security to employees after their retirement as it will offer higher pension amounts.
- The pension amount of the employee is fixed and it is not affected by the market activities as it is according to the employee’s years of service and average wage.
- It will be helpful to people to live life normally even if they don’t have any other source of income or investment.
- One of the benefits of the scheme is to have a regular and stable income after retirement.
- If any employee at present is earning well then they will get a big pension after retirement.
Eligibility Criteria for EPFO Higher Pension Scheme
- Employees who have a government job and have applied for registration and activation of their account under the employee provident fund organization will get a higher pension.
- An individual should be a part of the Employee Pension Plan (EPS) for a minimum of 10 years.
- The age of individual should be between 50 to 58 to receive the benefits from this scheme.
- An individual should be working for the government before 1st September 2014 and after that date also.
EPFO Higher Pension Scheme Contribution under EPS
Many issues were witnessed after the 2014 amendment about pension contributions on higher salaries. Many employees agreed that they know about the joint option for contributing pension on the higher income amount. The EPFP declined the joint option submitted by various employees. The employers contributed 8.33% of the pension on employees’ actual salary without submitting the joint option. But for pension calculation purposes, the pensionable salary of Rs. 15,000 was taken into account. Cases were filled to the high court by many employees to receive higher pensions based on the contributions made on actual wage amounts. Finally, the case was taken to the supreme court.
Supreme Court’s Ruling
|Employee Status||Exercise of Joint Option||Eligibility for 8.33% of a Higher Salary’s Pension Contribution||Higher Pension Claim Mode|
|Employees in service as of 01- September-2014||Exercised joint option and rejected by the EPFO||Yes||By filing a higher pension claim application|
|Employees retired before 01- September-2014||Exercised joint option and rejected by the EPFO||Yes||By filing a joint option and higher pension claim application|
|Employees in service as of 01- September-2014||Not exercised joint option but contributing to EPS above the cap of Rs.5,000/Rs,6,500||Yes||By exercising the joint option within 03/05/2023|
|Employees retired before 01- September-2014||Not exercised a joint option||No||Not applicable|
Application Process of EPFO Higher Pension Scheme 2023
- Go to the official website of EPFO Higher Pension Scheme 2023
- The home page of the website will open on the screen.
- You will find the link called Pension on Higher Salary on the home page, click on that link.
- You will see two options on a new page and the Application form for validation of joint options and an Application form for joint options
- Then on a new page click on Application Form for Joint options.
- You will see an application form on the screen.
- Fill out the application form by entering all details correctly.
- After filling out the form click on the submit option.
- You have to wait till government officials review your application.
- Soon you will receive a message regarding the Higher pension application.