For those choosing greater pensions, the government has released a new update. This information is for you if you have chosen or plan to choose the higher pension option. The EPFO pension scheme’s shareholders and higher-pension electors will have three months to decide whether to agree to make additional contributions or catch-up payments. The Supreme Court had earlier instructed the government to give the shareholders four months to decide whether to opt for a larger pension in November 2022.
Pension Update – A form-filling option is available online.
For subscribers to fill out the joint choice form with their employer and choose a larger pension, EPFO has made it possible for them to do so online. Prior to today, the deadline for this was May 3, 2023; it is now June 26, 2023. If the higher pension option is selected, it is unclear how the additional contribution option would operate and how payments will be sent.
Regional police will decide how much more to charge.
The EPFO shareholder does not even know if he will be given the choice to reject the higher pension plan in the event that he requests a larger sum. The notification made it clear that the regional officers would choose the extra sum. The stockholders who choose larger pensions will be informed of the amount, together with interest, after it is established.
Pension Update – The consent period is three months.
According to reports, pensioners and members would have three months to deposit money and provide their approval for the transfer of funds. The regional EPFO officer will inform pensioners or members of the need to pay additional cash for a greater pension.
Let us remind you that
the Labour Ministry made it plain earlier this month that the employer’s contribution to the social security programme managed by EPFO would be increased by 1.16 percent for those choosing greater pensions. On the current basic wage of Rs 15,000, the government contributes 1.16 per cent in the form of a subsidy to the EPS.
Employees make a 12 percent contribution to EPFO’s social security programme.
In addition, 8.33% of the employer’s 12 percent payment goes towards EPS. The Employees’ Provident Fund receives the remaining 3.67 percent.
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