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EPFO news: Centre takes BIG step for eligible subscribers, check details
Field offices also have to ensure that adequate publicity is done around availability of the higher pension option for eligible subscribers.
Updated : Dec 31, 2022, 02:07 PM IST
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In a massive update for EPFO subscribers, the retirement fund body has directed field offices to make the option of higher pension available to eligible subscribers. Employees' Provident Fund Organisation (EPFO) has enforced the change in accordance with a November 4, 2022 order by the Supreme Court.
The central government has directed the enforcement as per the SC order, an EPFO circular on December 29, 2022 said. EPFO has directed field offices to implement “the directions contained in para 44 (ix) of the Supreme Court judgement on November 4, 2022”. This has to be done within the stipulated timeline. Field offices also have to ensure that adequate publicity is done around availability of the higher pension option for eligible subscribers.
The move from the centre comes after the SC upheld the Employees Pension (Amendment) Scheme 2014. The rule change had raised the pensionable salary cap from Rs 6,500 per month to Rs 15,000 per month. It also permitted members along with their employers to make a contribution of 8.33 percent of the actual salary (if the cap is exceeded by the salary) towards EPS.
All EPS members, as on September 1, 2014, were provided with six months to opt for the changed scheme. In its order, the SC provided eligible EPFO subscribers with an additional four months to opt for the higher pension under EPS-95.
The 2014 amendment made it compulsory for employees to contribute 1.16 percent of salary amount which exceeds Rs 15,000 per month. This requirement was struck down by the court. The EPFO subscribers can make higher contributions under the scheme to get more benefits.
Higher pension option is also provided for eligible subscribers who:
- Have either made a contribution on actual salary higher than Rs 5,000 or Rs 6,500 per month prevalent threshold pensionable salary
- Have exercised higher pension option or had their request for higher pension declined by EPFO before the 2014 amendment to EPS-95.
What eligible subscribers need to do?
Subscribers eligible for the higher pension option need to jointly apply for it with their employer in the application form and all the other documents required like joint declaration.
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