Higher Pension Application Form
The Employees Pension (Amendment) Scheme 2014 was upheld by the Supreme Court in November 2022 in which the pensionable salary cap was raised from Rs 6,500 to Rs 15,000 per month. It was passed on August 22, 2014. Furthermore, both employers and members were able to contribute 8.33 percent of their actual salaries (if they exceeded the quota) to the EPS
Subscribers of the Employees’ Provident Fund, who had not opted for higher pension under an earlier window, have been provided another option now. In compliance with the Supreme Court’s November 4, 2022, order, the Employees’ Provident Fund Organisation (EPFO) Monday issued instructions to all its regional and zonal offices on the manner in which employees should apply for higher pensions.
Joint Option Form for Higher Pension (Higher Pension Application Form)
The EPS, which is administered by the EPFO, provides employees with pension after the age of 58. Both the employee and the employer contribute 12 per cent of the employee’s basic salary and dearness allowance to the EPF. The employee’s entire part goes to EPF, while the 12 per cent contribution made by the employer is split as 3.67 per cent contribution to EPF and 8.33 per cent contribution to EPS. Apart from this, the Government of India contributes 1.16 per cent as well for an employee’s pension. Employees do not contribute from their share of PF towards the pension scheme.
More clarity is required on the details regarding pension contributions for employees who continue to be in service on or before September 1, 2014, but did not exercise the option for the pension contribution to be linked to higher basic salary, experts said. It is likely that the option to choose for higher pension by such employees would be prospectively implemented, a person close to the development
You can download the Joint Option Form for Higher Pension PDF using the link given below.
