Good news for PF contributors! Provident fund body extends last date to opt for EPFO higher pension scheme - check details, deadline
EPFO news, Provident fund deadline has been extended by Employee Provident Fund Organisation
EPFO Alert: The Employees’ Provident Fund Organisation (EPFO) has announced that the last date for eligible employees to apply for higher pension has been extended for the third time.
As per the latest notication, the deadline for employers to opt for higher pension has been raised by 3 months.
And the provident fund notification further informs that the deadline for employees to opt for higher pension has been raised by 15 days — till July 11
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The provident fund governing body had earlier announced the steps that EPFO contributors must follow in order to register for higher pension applications under the Employees’ Pension Scheme (EPS), 1995, and released a list of documents that are required for filing the EPFO application.
The EPFO had revealed that the formula for computing pension on higher salary, over the set limit of Rs 15,000 that has been mandated by Employees’ Pension Scheme (EPS), 1995.
The provident fund governing body had said that PF contributors can register for higher pension on the actual salary and this will be applicable after verification by EPFO’s field officers.
EPFO higher pension scheme: Guidelines
The Employees’ Provident Fund Organisation (EPFO) has now also allowed their field offices to accept applications from PF contributors for the higher pension plan under the EPF scheme.
However, the EPFO field officers are supposed to follow do the due diligence mentioned below —
- They must verify that the employer’s PF share contribution has been remitted on employee’s pay exceeding the statutory wage ceiling of Rs 5000/ Rs 6500/ Rs 15000 per month.
- The remittance should be calculated from the day the pay exceeded the wage ceiling or Nov 16, 1995, whichever is later, till date/till the date of retirement or superannuation.
- Field offices should see that administrative charges payable by the employer have been remitted on such higher wages.
- EPF account of employee should be updated with interest according to Para 60 of EPFS, 1952, on the basis of such contribution received
EPFO higher pension scheme: Documents required
EPFO field officers must also ensure that at least one of the following documents is submitted along with the joint pension application form:
- Wage details submitted by the employer along with applications for validation of option/joint options.
- Any salary slip/letter authenticated by employer.
- Copy of joint request and undertaking from employer.
- Letter from PF office, issued before 4.11.2022, indicating PF contribution on higher wages.