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Business News/ News / India/  EPF higher pension: How to apply on the EPFO website? A step-by-step guide
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EPF higher pension: How to apply on the EPFO website? A step-by-step guide

EPF higher pension: EPFO has allowed certain eligible members to apply for higher pension under the EPS till 3 May 2023

The employee's entire contribution goes to EPF while the 12 per cent contribution by the employer is split as 3.67 per cent to EPF and 8.33 per cent to EPS.Premium
The employee's entire contribution goes to EPF while the 12 per cent contribution by the employer is split as 3.67 per cent to EPF and 8.33 per cent to EPS.

EPF higher pension: The Employees Provident Fund Organisation (EPFO) recently came out with a set of guidelines for employees giving them an option to seek a higher pension. The retirement fund body has activated the url of the unified members’ portal which states that subscribers seeking a higher pension can apply for it by May 3, 2023. 

Here is a step-by-step guide to submit application for higher pension

1) Go to member e-Sewa portal 

2) There is an option for "Pension on higher salary: Exercise of joint option on or before May 3, 2023". Click on that option.

3) Now, select "Application form for joint options - Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 for employees who were in service prior to 1st September 2014 and continued to the in service on or after 01.09.2014 but could not exercise joint option under erstwhile provision to para 11 (3) of EPS 1995 to be exercised on or before 3rd May 2023."

4) Now, enter the details asking on your screen i.e., UAN, Name, Date of birth, Aadhaar number, Aadhaar linked mobile number and captcha. 

5) Click on "Get OTP"

6) A one-time password will be sent to your Aadhaar-linked mobile number.

What is the present rule for EPS?

At present, both employees and employers contribute 12 per cent of the employee's basic salary, dearness allowance and retaining allowance, if any, to the employee provident fund or EPF.

The employee's entire contribution goes to EPF while the 12 per cent contribution by the employer is split as 3.67 per cent to EPF and 8.33 per cent to EPS.

The Government of India contributes 1.16 per cent to an employee's pension, while employees do not contribute to the pension scheme.

The Employees Provident Fund Organisation (EPFO) has allowed certain eligible members to apply for higher pension under the EPS till May 3, 2023.

EPFO extends deadline to apply for higher pension 

The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. Earlier, the last date to submit the application for the higher pension under the EPS was 3 March 2023.

 

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Published: 02 Mar 2023, 11:55 AM IST
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