Workers have been offered the opportunity to petition for a higher pension under the Employees Pension Scheme by the Employees Provident Fund Organization (EPFO) (EPS). Workers who were members of the scheme as of August 31, 2014 but had not opted for the higher pension option can still do so. EPFO has published the necessary recommendations in this regard.
The November 2022 order is still in effect.
According to EPFO standards for higher pension options, members and employers can now apply jointly under EPS.
Let us remind you that the Workers Pension (Amendment) Scheme 2014 was upheld by the Supreme Court in November 2022. The pensionable salary cap was raised from Rs 6,500 to Rs 15,000 per month as a result of the EPS review on August 22, 2014. Members and employers were also permitted to contribute 8.33% of their actual salary to EPS.
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The online service will be available soon
Employees’ Provident Fund Organization (EPFO) has published guidelines for field offices to accept the ‘Joint Option Form’ in an official order. According to the organisation, this process will be launched online soon, and a URL (Unique Resource Location) will be assigned. Regional PF Commissioner will promote awareness about this through notice boards and banners for public information.
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