The Employees Provident Fund Organisation (EPFO) recently came out with a set of guidelines for employees giving them an option to seek a higher pension. The retirement fund body has activated the url of the unified members’ portal which states that subscribers seeking a higher pension can apply for it by May 3, 2023.
Here is a step-by-step guide to submit application for higher pension
1) Go to member e-Sewa portal
2) There is an option for “Pension on higher salary: Exercise of joint option on or before May 3, 2023”. Click on that option.
3) Now, select “Application form for joint options – Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 for employees who were in service prior to 1st September 2014 and continued to the in service on or after 01.09.2014 but could not exercise joint option under erstwhile provision to para 11 (3) of EPS 1995 to be exercised on or before 3rd May 2023.”
4) Now, enter the details asking on your screen i.e., UAN, Name, Date of birth, Aadhaar number, Aadhaar linked mobile number and captcha.
5) Click on “Get OTP”
6) A one-time password will be sent to your Aadhaar-linked mobile number.
What is the present rule for EPS?
At present, both employees and employers contribute 12 per cent of the employee’s basic salary, dearness allowance and retaining allowance, if any, to the employee provident fund or EPF.
