EPS Pension New Update: Retirement body Employees’ Provident Fund Organization has come to a favorable conclusion as a result of which some major changes have been made for the employees to get higher EPFO pension.
EPS Pension New Update
The authority has issued guidelines that determine who is eligible to receive the benefit of the pension of the Employees’ Provident Fund Organization (EPFO).
Eligibility for Higher EPFO Pension
As per the newly laid down guidelines, the salary limit has been raised to Rs 15,000 per month to become eligible for pension benefits. The last date to apply for higher pension under the Employees’ Provident Fund Organization is March 3, 2023!
EPS Pension New Update
Now according to the revised guidelines, both the Employees’ Provident Fund Organization subscriber and the employer can jointly apply for higher pension for the Employees’ Pension Scheme. From this it is concluded that members can contribute 8.33 percent of their basic salary.
EPS Pension New Update
It may be noted that the pensionable salary limit was increased from Rs 6,500 per month to Rs 15,000 per month in 2014 by the EPS (Employees Pension Scheme) amendment of August 2014. It allowed EPFO (Employees’ Provident Fund Organisation) members and their employers to jointly contribute 8.33 per cent of their actual salary towards EPS if they cross the limit.
Eligible to receive higher pension benefits
EPS (Employee Pension Scheme) has clarified several points in a circular regarding the members who are eligible for higher pension benefits.
Only existing employees or those who have retired after September 1, 2014! They are eligible for pension over and above the limit prescribed by the Employees’ Pension Scheme (EPS) of 1995.
Employees and employers who contributed salary in excess of the prevailing wage limit of Rs 5,000 or Rs 6,500.
Members who have not opted for combined option under EPFO (Employees’ Provident Fund Organisation) of the pre-revised scheme, while they were members of EPS-95!