Deadline to apply for higher pension from EPF ends today: Today, June 26, is the last day to apply for a higher pension under the Employees’ Pension Scheme (EPS). If EPF members miss this deadline, they will miss the opportunity to apply for a higher pension.
Will EPFO extend the deadline for the third time today?
The EPFO has already extended the deadline twice. In May, while extending the deadline for the second time, the Ministry of Labour and Employment said that it has been decided that to provide a larger window of opportunity and enable all eligible persons to file their applications, the timeline for filing applications would now be till June 26, 2023.
Why the timeline was extended twice?
The timeline was extended to facilitate and provide ample opportunity to the pensioners so as to ease any difficulty being faced by them.
Earlier in November 2022, the Supreme Court asked the government to give subscribers four months for opting for a higher pension.
Who is eligible to apply for higher pension from EPS?
Those who were members of EPF and EPS on September 1, 2014, and continued to be after that date
Those who retired before September 1, 2014, and previously opted for higher pensions but their applications were rejected by the EPFO authorities.
Documents required
You must keep your Universal Account Number (UAN), Pension Payment Order (PPO) number for pensioners, proof of payment made to the EPF account above the wage ceiling limit, etc. are some of the documents that you will need when filling out the online application form.
Formula for calculating higher pension
The formula for calculating higher pension for those who retired prior to 1 September 2014
The pension shall be calculated based on the average monthly pay drawn during the contributory period of service in the span of 12 months preceding the date of exit from the membership of the pension fund.
The formula for calculating higher pension for those who retired/will retire on or after 1 September 2014
The pension shall be calculated based on the average monthly pay drawn during the contributory period of service in the span of 60 months preceding the date of exit from the membership of the pension fund.
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Updated: 26 Jun 2023, 07:35 AM IST