Higher pension from EPFO: How to fill up the new form, avail maximum benefits
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Government retirement fund body Employees’ Provident Fund Organisation (EPFO) has recently floated a new option for subscribers who couldn’t opt for higher pensions earlier.

Now, the EPFO will offer employees to avail of higher contributions towards EPS, which is currently capped at 8.33 per cent of the maximum Rs 15,000 pensionable salary.

Under the new option, employees will have the option to let their employers deduct a sum equal to 8.33 per cent of the actual basic salary towards the EPS pension.

The new form 

Under the new option, employees and employers can sign up a joint form requesting the fund body to deduct 8.33 per cent of the actual monthly basic salary towards the pension scheme.

This will ensure the accumulation of a larger corpus and higher pension for employees.

Who all can avail of it

As per the new EPFO circular, both employees and employers can submit the joint option to the concerned regional office of EPFO. Here are the basic criteria:

* Employees who were members before September 1, 2014, and continued to be a member on or after that date
* Employees and employers who had contributed on salary exceeding the wage ceiling of Rs 5,000 or Rs 6,500
* Employees and employers who did not exercise the joint option in the previous window while being EPS members

How to avail of the new option 

Interested employees have to apply jointly with their employer for the added benefit in the application form prescribed by the EPFO commissioner and all other required documents like joint declaration etc.

The EPFO said that all applications will have to be digitally uploaded, for which a separate URL facility will be provided by the EPFO.

An email will be sent to the applicant informing him or her about the switch.

An SMS will also be sent.

More information on the new process will be provided by the Regional PF Commissioners soon.

In case of any grievances, employees or employers can register their concern on the EPFiGMS (grievance portal) after submitting the joint option form, and payment of due contributions (if any).

What’s behind the new EPFO order 

The EPFO has issued the new guidelines in line with the Supreme Court’s latest order to enable eligible subscribers to opt for higher pensions under EPS.

Under the revised rule, the EPF subscribers can go beyond the pensionable salary capped at Rs 15,000 a month on which employers deduct a sum equal to 8.33 percent of the ‘actual basic salary’ towards pension under EPS.

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