Employees Provident Fund Organisation (EPFO), a retirement fund organization, has directed its field offices to give eligible subscribers the choice of a greater pension in compliance with a Supreme Court judgment issued on November 4, 2022.
On December 29, 2022, an EPFO circular issued instructions on how to carry out the Supreme Court order’s directives. The EPFO has instructed the field offices to comply with “the directives contained in para 44 (ix) of the Supreme Court judgment on November 4, 2022” within the allotted time frame and to ensure that the EPFO’s decision to comply with the abovementioned directions has received the necessary publicity.
The Employees Pension Scheme 2014 has previously been upheld by the Supreme Court in November 2022.
The EPS modification of August 22, 2014, raised the maximum pensionable salary from Rs. 6,500 to Rs. 15, allowing members and their employers to contribute 8.33 percent of their actual salaries (if they earned more than the maximum) to the EPS. All EPS members as of September 1, 2014, were given six months to select the updated plan.
The time frame for eligible subscribers to select a better pension under EPS-95 was extended by four months. The court also invalidated the 2014 amendments’ requirement that employees contribute 1.16 percent of their monthly earnings or more. This will make it simpler for participants to contribute more to the plan. And, as a result, get higher incentives.
The EPFO circular additionally offers these qualified subscribers the option of a greater pension:
1. Pensioners who as employees had made contributions in accordance with Section 26(6) of the EPF Plan on salaries that exceeded the then-current salary ceiling of Rs. 5000 or 6500, and
2. While still being EPS members, they exercised their joint option in accordance with the proviso to paragraph 11(3) of the pre-amendment plan.
3. The PF officials refused to let them exercise that option.
How do I get a higher pension? Here is the procedure in detail.
1. The request will be submitted in the format and manner that the Commissioner may specify.
2. The disclaimer as required by the aforementioned government notification will be included in the application form for validation.
3. The express approval of the pensioner will be provided in the application form in the event that shares need to be adjusted from PF to Pension Fund and, if applicable, redeposited to the fund.
4. A trustee’s commitment must be provided in the event that monies are transferred from an exempted PF trust to the EPFO pension fund. The commitment must state that all required contributions and interest accrued up to the date of payment will be deposited within the time frame.
5. Subsequent circulars will outline how to deposit this money.
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