Don’t Miss Your Chance to Apply for a Higher Pension Now

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Don't Miss Your Chance to Apply for a Higher Pension Now

Don’t Miss Your Chance to Apply for a Higher Pension Now

The deadline to apply for a higher pension from the Employees Pension Scheme (EPS) is today, June 26, 2023. However, applicants are encountering a number of technical difficulties when submitting their applications via the EPFO portal.

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What is Provident Fund?

Let us first learn about Provident Funds, which will help you understand the higher pension option.
Every EPFO member is assigned two accounts:

  1. Provident Fund for Employees (EPF)
  2. Employees’ Pension Scheme

Every month, 12% of the employee’s basic salary and dearness allowance is deducted and deposited in the EPF account. The same amount is also deposited into the employee’s account by the employer. However, the employer’s entire contribution does not go into the EPF account. The majority of the 12% employer contribution goes to the EPF, with the remainder going to the EPS account.

The Employees’ Pension Scheme 1995, or EPS-95, went into effect on November 16, 1995. Prior to September 1, 2014, the maximum contribution in the EPS account was limited to Rs 5000/6500. Following that, the cap was raised to 15,000 dollars.

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What is a higher pension?

Paragraph 11(3) of EPS-95 was amended in March 1996. EPFO members were allowed to increase their pension contributions up to 8.33% of their full salary (Basic + Dearness Allowance) under this scheme. That is, they were given the opportunity to receive a larger pension.

EPFO had only given employees six months to file a joint option form for a higher pension contribution. Those who chose this option continued to pay 8.33% of their total salary to the Pension Fund until August 31, 2014.

Supreme Court’s Decision

The Supreme Court said four important things in its decision:

  • Those who were in service on September 1, 2014. He went with the joint option, but it was rejected. They have the option of selecting a higher pension.
  • Those who were in service on September 1, 2014, but did not choose the joint option, can also receive a higher pension.
  • Those who retired before September 1, 2014. He selected the joint option but was denied; he is also eligible for it.
  • Those who retired before September 1, 2014. He declined the joint option. Such people are not eligible for a higher pension.

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Changes in Pension Amount

When choosing a higher pension, the lump sum received after retirement decreases while the pension increases. According to experts, this scheme has both advantages and disadvantages. If the employee only has a few years left on the job, the focus should be on the lump sum amount. If there are still years left on the job, a higher pension may be considered.

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The process to Apply for Higher Pension

Higher pensions are available both online and offline. To apply offline, go to the nearest EPFO office and fill out the form. At the same time, we will describe the online procedure below.

  • In order to receive a higher pension, one must first visit the e-seva portal.
  • On the right, select Pension on Higher Salary.
  • When you reach the page, two options will appear.
  • Those who retired before September 1, 2014, must select the first option.
  • If someone is still working, he or she must select another option.
  • Information such as UAN, name, date of birth, and Aadhaar, your phone needs to be charged.
  • An OTP will be sent to the Aadhaar-linked mobile number, which must be entered.

Alert: Hackers stole the provident fund information of 28 crore Indians

Apply for a Higher Pension

Joint Application Form

According to the circular, if you fill out a higher pension for a joint application, your salary details are verified with the details in the EPFO portal after the application is verified with the EPFO office in your area. If the verification is successful, EPFO will check the remaining funds before transferring and depositing the order, and you will then be selected for a higher pension.

Apply for a Higher Pension

Don’t Miss the Deadline

Today is the last day to apply for a higher pension. It is critical that you complete the application process before the deadline to avoid missing out on this opportunity.


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