EPFO Higher Pension Scheme 2023 Last date, Calculator, Form, Apply
This article consists of information related to EPFO Higher Pension Scheme 2023, its Last date, Calculator, Form, Apply and other related topics. The employees who are already retired before a specific date and eligible with each thing specified in the article are eligible for EPFO Higher Pension Scheme.
EPFO Higher Pension Scheme 2023
It is the social protection organisation that arrives under India’s Ministry of Labour and Employment and is liable for and manages the Employee provident fund in India. This organisation assists with the obligatory provident fund, a primary pension procedure and a disability/death insurance strategy. Employees’ Provident Fund Organisation was established on the 4th of March 1952, and there are more than 11 lakh crore Rupees under the organisation’s management.
The organisation manages several other social security agreements with other countries, and a total of 19 such agreements were placed in till May 2021. It raises the pension schemes of the employees from time to time, and this time also, it is doing this for which you have to apply. Only the eligible ones will have to do this, and if they miss this opportunity, you can’t apply for it. Thus you must know the important dates and the procedure to fill it which is given in this article.
EPFO Higher Pension Scheme Last date 2023
Currently, 12% of the basic salary and dearness allowance is contributed to the EPF, from which 12% is the contribution from the employer, 8.33% from EPS and 3.67% to the EPF. Regardless, the 8.33% EPS contribution is checked at the highest amount of Rs. 15,000 even when the worker pulls a higher wage. The lid on the EPS contribution was presented in 2014 via a modification to the EPS.
The association has extended the last date to apply for a more increased pension from the Employee’s Pension Scheme from the 3rd of May 2023 to the 26th of June 2023. For which the last date was announced on Tuesday, i.e., on the 2nd of May 2023, and it is dual time; the deadline is outstretched to apply for a higher pension from EPS. Prematurely, the deadline was placed four months from the date of conclusion (4th November 2022), which was the 3rd of March.
EPFO Higher Pension Scheme Calculator 2023
The EPFO pension is calculated through a formula which is Monthly pension amount = (Pensionable salary x pensionable service)/70. Here the Pensionable salary denotes the average wage of the last 60 months, and pensionable service signifies the numeral of years contributions were created to the EPS account. Thus the worker superannuates at 58 years after causing pensionable service of better than 20 years; a weightage of 2 years will be counted toward the service term.
However, the maximum pensionable service is limited to 25 years, and we must now calculate the pension amount using the overhead formula. Let Kamal exercise the joint option to receive a higher pension. He is getting an average amount of Rs.50000 every month, and he rendered services for 25 years. He superannuated at 58 years, and utilising these details, his pension amount will be Rs 19,285 Rupees per month.
EPFO Higher Pension Scheme Form 2023
There is a form which has to be filled out by the employee to get involved in the EPFO Higher Scheme. This form is available on the official website of the Employees’ Provident Fund Organisation, and it will be active till the 26th of June. Only the employees who retired before the 1st of September in 2014 and exercised the joint option under para 11(3) of EPS-95 while being a member of EPS-95 are eligible.
Also, the contribution should be of the EPS on salaries exceeding the wage ceiling of Rs. 5,000 or Rs 6,000, and the organisation should have declined the exercise of such an option. Those who were part of EPF before 1 September 2014 and are working after this date will not get a higher pension option from EPFO, but as per the order of the Supreme Court, they are also eligible to claim for higher pension.
EPFO Higher Pension Scheme Apply
To apply for it, firstly, the employee needs to search for the official website of EPFO and open its homepage. Then, you will see a link for ‘Pension on Higher Salary: Online application for validation of Joint Option’, on which you have to click. Now, the main form will open, which will ask you to fill in some details, and after doing this, click on submit present after the captcha field.
Then, a receipt number will be displayed for each registered applicant, and the application will forward to the respective employers, who will verify them through e-sign for further processing. If all steps are correct and you are eligible, then you will receive an email, post phone or SMS of confirmation.
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