EPFO Deadline Extended: The Employee’s Provident Fund Organization (EPFO) has extended the deadline for applying for a higher pension to 11 July 2023. EPF subscribers who have not applied for an increase in their pension under the Employee Pension Scheme (EPS ), must fill this in. EPFO Pension Scheme
Application process as soon as possible. EPFO has already extended the deadline for applying for a higher pension three times and no further extension can be granted. EPFO subscribers are entitled to a pension at the time of retirement. At the moment, both the employee and the employer pay 12 percent monthly into the EPFO account of the employees. Of the employer’s share in the premium, 8.33 percent goes to EPS and the remaining 3.67 percent to EPF. EPFO deadline extended
Prior to 2014, employees had the option to choose a higher EPS, but a change made in 2014 limited the EPS contribution to 8.33 percent. This means that no employee can contribute more than Rs 15,000 per month to his pension scheme even if he receives a higher salary. EPFO recently released the higher pension calculator on its member services portal. Employees who want to apply for a higher pension can estimate their pension amount using this calculator.
What is the EPF High Pension Scheme? EPFO deadline extended
The government-backed scheme allows EPF members to contribute an additional amount to their pension fund. By opting for EPF High Pension, participants can increase their monthly pension amount on top of the regular EPS pension. The premium paid in too much by the participant is invested in a separate pension fund, on which interest is earned over time. This results in a higher accrued pension amount, which leads to higher monthly pension payments during retirement.
How do you apply for a higher EPS pension? EPFO deadline extended
To join the EPF High Pension Scheme, participants must complete a form and submit the required documents. Employees can submit an application together with their employer and must submit a statement, among other things. Applications can be submitted to EPFO field offices. The applications are subject to verification and higher pensions will only be allowed after approval by EPFO officials. It is pertinent to note that the EPF High Pension Scheme is voluntary and members can choose whether or not to participate, based on their financial goals.
1. UAN (Universal Account Number) of the EPF member
2. Aadhaar Card
3. Bank details
4. Proof of date of birth
5. Proof of Eligible Service, such as Form 9 or Form 5 (if applicable).
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