 "EPFO eases EPS pension process by listing required documents; take a look")
The Employees’ Provident Fund Organisation (EPFO) released a circular that specifies the documents required to obtain the higher pensions offered under the Employees’ Pension Scheme (EPS). The application process has been simplified for eligible employees who have no proof of a joint request/undertaking/permission from their employer. With only a few days window remaining, applications are due on 26 June. In addition, the retirement fund body has also detailed the method of computing pensions on a higher salary.
The EPFO circular stated: “Whereas a situation has arisen where joint request/ undertaking/ permission under Para 26(6) are not readily available with most of the applicants who have filed Applications for Validation of Option / Joint Options covered under Hon’ble Supreme Court judgment dated 04.11.2022. Accordingly, only in case of applicants otherwise eligible for pension on higher wages as per the directions of the Hon’ble Supreme Court judgment dated 04.11.2022, for scrutiny regarding Para 26(6), the following procedure may be followed.”
The circular provides a list of documents an eligible employee must submit, along with the joint pension application form for a higher EPS pension. The field office must check the employer’s remitted share of PF contribution that exceeds the prevalent statutory wage ceiling of ₹5,000/6,500/15,000 per month. This is from the day the payment exceeded the wage ceiling or 16.11.95 whichever is later, till date/ till the date of retirement or superannuation as the case may be; and the administrative charges payable by the employer have been remitted on such higher wages. In addition, the EPF account of employee has been updated with interest as per Para 60 of EPFS, 1952, on the basis of such contribution received.
Important documents
At least one of the following documents is mandatory to submit along with the joint pension application form.
- Employer’s wage details submitted with applications for option/joint option validation
- Authenticated salary slips/letters from employers
- A copy of the employer’s joint request and undertaking
- A letter from the PF office prior to 4.11.2022 indicating the PF contribution on higher wages
- Formula for calculating higher pensions for retirees before 1 September 2014
Pensions are calculated based on the average monthly pay drawn during the contributory period, within a 12-month period prior to the date of exit from the pension fund.
- For those who retired or will retire on or after 1 September 2014
Based on the average monthly pay received during the contributory period of service, the pension shall be calculated 60 months prior to leaving the pension fund.
Impact Shorts
More ShortsDeadline to opt for higher EPF pension
Applications for higher EPS pensions must be submitted by 26 June.
EPFO portal: Applying for a higher EPS pension
-Visit the Member e-Sewa portal at - https://unifiedportal-mem.epfindia.gov.in/memberinterface.
-Click on “Pension on higher salary: Exercise of joint option”.
-Choose “Application form for joint options - Joint options”
-Enter the required information, including UAN, name, date of birth, Aadhaar number, and Aadhaar linked mobile number.
- Select “Get OTP” from the menu.
-You will receive an SMS with a one-time password.
- Verify your information.
-To submit your application, click “Submit”.
An acknowledgment number will be generated upon successful submission of the application form.
According to payroll data released last month, EPFO added 13.40 lakh members in March, bringing the total for 2022-23 to 1.39 crore.
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