eps pension: Monday is the last date to apply for higher EPS pension

eps pension: Monday is the last date to apply for higher EPS pension

If you have still not applied for the higher pension from the Employees’ Pension Scheme (EPS), you must hurry. The last day to apply for this is June 26, 2023 — Monday. If EPF members miss this deadline (which has been extended twice already) set by the Employees Provident Fund Organisation (EPFO), they will miss the opportunity to apply for higher pension.

Do note that only certain members of the Employees’ Provident Fund (EPF) Scheme are eligible to apply for the higher pension. The eligibility criteria is set out by the Supreme Court in its judgment dated November 4, 2022.

The EPFO has issued certain circulars on how employees can apply for higher pension from the EPS. The retirement fund body has provided an online link on the Member Sewa portal for eligible employees and pensioners to submit their joint application forms.Do keep in mind that one must keep certain documents handy while applying for the higher pension. This will make the process easier.

The EPFO has provided guidelines on how the joint pension application will be processed once the application form is successfully submitted.

Here is a look at how an individual can apply for higher pension before the deadline expires on Monday.

Who is eligible to apply for higher pension from EPS?

According to the Supreme Court judgment, there are only two types of employees who are eligible to apply for the higher pension from EPS:

  • Those who were members of EPF and EPS on September 1, 2014, and continued to be after that date
  • Those who retired before September 1, 2014, and previously opted for higher pension but their applications were rejected by the EPFO authorities

If an employee or pensioner does not satisfy these conditions, they cannot opt for higher pension. For instance, any employee who joined the EPF and EPS scheme after September 1, 2014, is not eligible to apply for higher pension.Also Read: Who is eligible and who is not eligible to apply for higher pension from EPS?

Documents that you must keep in handy
In the online application form, one is required to submit certain documents. For instance, you must keep your Universal Account Number (UAN), Pension Payment Order (PPO) number for pensioners, proof of payment made to the EPF account above the wage ceiling limit, etc.

Also Read: Documents you need to apply for higher pension

The EPFO has eased the process of applying for higher pension by allowing eligible employees to submit other specified documents if they do not have the proof required under Para 26(6). This is the joint declaration proof required if an employee wants to join the EPF scheme but his basic salary exceeds the specified wage ceiling limit.

Also Read: EPFO releases list of documents to apply for higher EPS pension

Step-by-step guide to apply for higher pension
Once an individual has determined the eligibility criteria and collected the required documents, the next step is to fill and submit the application form on the Member Sewa portal. The step-by-step guide on how to apply for the pension can be accessed here.

Also Read: How to apply for higher pension on EPFO online portal

The EPFO has asked its field offices to validate the joint application forms within 20 days.

Also Read: EPFO sets 20 days deadline for field offices for validation of application form

Do note that you will have to pay extra to make up for the shortfall contribution in the EPS account. The EPFO has clarified that an additional 1.16% contribution over and above the wage ceiling limit will come from the employer’s contribution.

Also Read: Know the extra amount you need to pay and returns you will get

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Author: Shirley