One of the World’s largest Social Security Organisations, Employees’ Provident Fund Organisation‘s (EPFO) recent circular complies with the Supreme Court order. It has laid down the terms and conditions for an EPFO subscriber for getting a higher pension.
Eligibility to Receive a Higher Pension as per EPFO
- According to the EPFO circular, only those employees are eligible who contributed to higher wages as mandated under the Employees’ Provident Fund (EPF) Scheme and have exercised their option for higher pension prior to their retirement but their request was explicitly denied by the EPFO.
- The employees who have retired before 1st September 2014 upon exercising option under paragraph 11(3) of the 1995 scheme shall be covered by the provisions of the paragraph 11(3) of the pension scheme as it stood prior to the amendment of 2014, the circular said.
- The EPS member who as employees had contributed on salary exceeding the then prevalent wage ceiling of Rs 5,000 or Rs 6,500.
- The EPFO subscriber who exercised joint option under the Employees’ Pension Scheme (EPS) of the pre-amendment scheme while being members of EPS-95.
- The EPFO member whose exercise of such option was declined by the EPFO.
How to Apply for Higher Pension
- The EPF members need to visit concerned regional EPFO office and submit the required application along with proper documents. Here is step by step guide:
- The application will be made in such form and manner as may be specified by the commissioner.
- The application form for validation will contain the disclaimer as ordered in the aforesaid government notification.
- One explicit consent of the pensioner will be given in the application form in case of share requiring adjustment from provident fund to pension fund.
- For transfer of funds from exempted provident fund trust to pension fund of EPFO, an undertaking of the trustee shall be submitted.
- The process of deposit of such funds will follow through subsequent circulars
The circular says, “The employees who have retired before 1st September 2014 upon exercising option under paragraph 11(3) of the 1995 scheme shall be covered by the provisions of the paragraph 11(3) of the pension scheme as it stood prior to the amendment of 2014.”
Additionally circular also mentioned that once the eligible pensioner submits the application form, the EPFO authority “the Regional PF commissioner” will be responsible to deal with it.