Utility: This is how you can apply for EPF Higher Pension in the EPFO ​​portal!

Employees' Provident Fund Organization (EPFO) has recently issued guidelines for subscribers and employees to avail of more pensions.

EPFO announced that all eligible members of the provident fund body can now opt and apply jointly with their employers for higher pension till May 3, 2023. Earlier, the last date for applying for a higher pension was estimated to be March 3, 2023.

A pension program was set up by the government in 1995 under Section 6A of the EPF Act. As per the Employees' Pension System of 1995 (EPS-95), an employer contribution of 8.33% should be made to the pension scheme. The maximum monthly pension was fixed at Rs 5,000 or Rs 6,000 by EPS-95. The employer was to pay 8.33% of the initial Rs 5,000 (which was later increased to Rs 6,500) towards the pension scheme.

High Pension Scheme: Eligibility Criteria

Employees and employers who contributed salaries in excess of the salary limit of Rs 5,000 or Rs 6,500.

Employees and employers who did not exercise a joint option in the previous window while being EPS members.

Employees who were members prior to 1 September 2014 and continue to be members on or after that date.

It is to be noted that all those who come under this eligibility criteria have to apply for EPFO ​​Higher Pension Scheme jointly with their employers and submit a joint declaration. EPS members will also get a chance to contribute up to 8.33 percent of their basic pay.