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EPFO issues new circular, documents, computation- higher pension

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Aiming for more clarity on how to claim a higher pension, Employees’ Provident Fund Organisation (EPFO) has recently issued a circular on the list of documents to be submitted for claiming higher EPS-95 & pension computation method.

The circular also elaborates on what all documents one can submit if one is not able to furnish a joint request under para 26(6) of the EPS-95 scheme.

Circular 1 on the pension computation method

  • Who retired before 01.09.2014: The pension calculation will be based on the average monthly pay drawn during the contributory period of service during the 12 months preceding the date of retirement i.e. date of exit from the membership of the pension fund.
  • Who retired on or after 01.09.2014: The pension calculation will be based on the average salary during a contributory period of service in the span of 60 months preceding the date of retirement. Click here to Read Circular

Circular 2 on the list of documents to be submitted

According to the recent circular issued on June 14, 2023 “Whereas a situation has arisen where joint request/ undertaking/ permission under Para 26(6) are not readily available with most of the applicants who have filed Applications for Validation of Option / Joint Options covered under Hon’ble Supreme Court judgment dated 04.11.2022.”

Accordingly, only in case of applicants otherwise eligible for pension on higher wages as per the directions of the Hon’ble Supreme Court judgment dated 04.11.2022, for scrutiny regarding Para 26(6), the following procedure may be followed:

Field Offices will verify that

a) Employer share of PF contribution has been remitted on employee’s pay exceeding the prevalent statutory wage ceiling of Rs 5,000/6,500/15,000 per month from the day the pay exceeded the wage ceiling or 16.11.95 whichever is later, till date/ till the date of retirement or superannuation as the case may be; and

b) Administrative charges payable by employer have been remitted on such higher wages; and

c) Provident Fund account of employee has been updated with interest as per Para 60 of EPFS,1952 on the basis of such contribution received; and

d) Any of the following documents have been submitted along with Applications for Validation of Option / Joint Options as proof of joint option and permission under Para 26(6).

  • Wage Details submitted by the employer along with Applications for Validation of Option / Joint Options
  • Any salary slip / letter from employer authenticated by employer
  • Copy of joint request and undertaking from employer
  • Letter from PF office issued prior to 04.11.2022 indicating PF contribution on higher wages

The last date to apply for higher EPS pension is June 26, 2023.

To know more details on the circular click here.

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Sheenu Pradhan
Sheenu Pradhanhttps://sightsinplus.com/
Sheenu Pradhan, Editor Content, SightsIn Plus. She has over 8 years of experience in human resources. Prior to this, she has been associated with Wictor Chemicals India, Wipro, and Shakti Plas Industry.