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How to apply for higher pension under the EPS?
The Employees’ Pension Scheme (EPS) is a government-run pension scheme that provides a monthly pension to its members after they retire. The amount of pension that a member receives depends on the number of years they have contributed to the scheme and the average salary of their last 10 years of employment.
Members of the EPS can choose to opt for a higher pension by contributing a higher percentage of their salary to the scheme. This option is known as the “higher pension option”.
Steps to Apply for higher pension under the EPS.
- Step 1: Visit the EPFO’s Unified Member portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/).
- Step 2: Click on the “Pension on Higher Salary” option.
- Step 3: Fill in the required details, including your UAN, date of birth, Aadhaar number, and mobile number.
- Step 4: Upload the joint option form signed by your employer.
- Step 5: Submit the application.
The EPFO will process your application and send you an acknowledgement number. Once your application is approved, you will start receiving a higher pension from the month of your retirement.
Higher Pension Scheme epfo – Overview
|Scheme name||EPFO higher pension scheme|
|Eligibility||Employees who were part of the EPFO before or on September 1, 2014, and who contributed to the provident fund on actual salary (i.e., over and above the statutory limit of salary for coverage under the EPF), are eligible to claim for higher pension.|
|Deadline to apply||July 11, 2023|
|Formula for calculating monthly pension amount||(Pensionable salary X pensionable service)/70|
|Link to application form||https://unifiedportal-mem.epfindia.gov.in/memberInterfacePohw/|
|Technical snags in the EPFO portal||Yes, applicants and employers are facing technical snags in the EPFO portal as the deadline to register for higher pension approaches.|
Deadline for applying for higher pension
The deadline for applying for the higher pension option was originally March 3, 2023. However, the EPFO has extended the deadline to July 11, 2023. This means that you can still apply for the higher pension option even if you have retired after March 3, 2023.
epfo higher pension link
Here is the link to the EPFO higher pension application form: https://unifiedportal-mem.epfindia.gov.in/memberInterfacePohw/.
How much higher will my pension be?
The amount of higher pension that you will receive depends on the following factors:
- The number of years you have contributed to the EPS
- Your average salary of your last 10 years of employment
- The percentage of your salary that you contribute to the EPS
For example, if you have contributed to the EPS for 30 years, your average salary is ₹20,000 per month, and you contribute 8.33% of your salary to the EPS, you will receive a higher pension of ₹3,333 per month.
Is there any downside to opting for the higher pension option?
Yes, there is one downside to opting for the higher pension option. By contributing a higher percentage of your salary to the EPS, you will have a lower corpus in your provident fund (PF) account. This means that you will receive a lower amount of money when you withdraw your PF.
However, if you are more concerned about getting a higher pension after retirement, then the higher pension option may be a good choice for you.
If you are a member of the EPS and you are considering opting for the higher pension option, you should carefully consider the pros and cons before making a decision. You should also make sure that you submit your application before the deadline of July 11, 2023.
What is the EPS higher pension option?
The EPS higher pension option is a choice offered to members of the Employees’ Pension Scheme (EPS) to contribute a higher percentage of their salary in order to receive a higher monthly pension after retirement.
Is there a deadline for applying for the higher pension option?
Yes, the original deadline was March 3, 2023. However, the EPFO has extended the deadline to July 11, 2023, allowing members who retired after March 3, 2023, to still apply for the higher pension option.
How can I apply for the higher pension option?
To apply for the higher pension option, you can visit the official EPFO website and access the higher pension application form. The form can be found at this link: [insert link].