EPFO Higher Pension Apply Online: Today is the last day to ask EPF for a better pension: The last day to apply for a higher salary through the Employees’ salary Scheme (EPS) is today, June 26. Members of the EPF will miss their chance to apply for a higher pension if they miss this date.
Will EPFO Extend the Last Date to Apply?
The date has already been pushed back twice by the EPFO. In May, when the deadline was extended for the second time, the Ministry of Labour and Employment said that it had been decided that the deadline for applications would now be June 26, 2023, so that all eligible people would have more time to fill out their forms.
Who is Eligible to Apply for Higher Pension?
Members of EPF and EPS on September 1, 2014, who stayed members after that date Those who retired before September 1, 2014, and tried to get higher wages before but were turned down by the EPFO.
Documents Required For Higher Pension
When filling out the online application form, you will need your Universal Account Number (UAN), Pension Payment Order (PPO) number for retirees, proof of payments made to the EPF account above the wage cap limit, etc.
How to Apply for EPFO Higher Pension?
Workers who are eligible for higher pensions can now apply online through the EPFO site. The portal also has instructions on how to fill in the different sections in order. To apply, go to https://unifiedportal-mem.epfindia.gov.in/memberinterface and click on “Member E-Sewa portal.” Click on the “Pension on Higher Salary” choice.
After that, you’ll need to fill in the necessary information to get the Aadhaar-based authorization pin. For that, you need to put in your UAN, name, date of birth, Aadhaar number, and cell number. Then, you’ll get an OTP on your Aadhaar-linked phone number, which you’ll need to send in to validate.
Reallocation of Corpus
You need to know that the corpus will be moved from the EPF to the EPS as of the date you joined the plan. This means that a lot of money needs to be transferred from the EPF to the EPS for pensions to go up. So, it’s best to figure out ahead of time how much you expect to get as a pension when you leave. Then, you can decide if it’s better to let the money grow in EPF.
Experts say, though, that the subject is still not clear. “The EPFO is likely to give more information about how to figure out the higher pension. Also, once the EPFO looks at each application, it might not be clear how money will be moved from the EPF account to the EPS account and how differences between wage records kept by the EPFO and those kept by the company will be fixed. What would happen if one of the companies went out of business or merged with another? These are some of the questions that need answers,” Partner at INDUSLAW Sowmya Kumar told Business Today.
No Lump Sum
You can only get a monthly salary from EPFP. You can’t get a lump sum payment. So, choosing the EPS would rely on how long you think you will live based on your health and family history. Also, in EPS, when a person dies, their partner gets 50% of the amount of their pension. After that, there is no lump sum payment to the spouse’s heir.
Here, you don’t have the option of a lump sum at retirement. Instead, you get a pension based on the following formula, which is decided when you leave. Member’s monthly pension = pensionable salary times pensionable service divided by 70 (The average monthly pay over the last 60 months is the pensionable salary.)
But for applicants whose pension started before September 1, 2014, the higher pension will be based on the average monthly pay during the contributory time of service in the 12 months before the date of leaving the pension fund.
The deadline for applying for a higher pension through the Employees’ Salary Scheme (EPS) is June 26, 2023. The deadline has been pushed back twice by the EPFO, with the Ministry of Labour and Employment extending the deadline to June 26, 2023. Eligible applicants include EPF and EPS members who retired before September 1, 2014 and tried to get higher wages before.
To apply, workers must provide their Universal Account Number (UAN), Pension Payment Order (PPO) number, and proof of payments above the wage cap limit. The corpus will be moved from the EPF to the EPS as of the date of joining the plan. Experts suggest that the subject is still unclear, and the pension formula is based on the average monthly pay during the contributory time of service in the 12 months before the date of leaving the pension fund.
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