EPFO subscribers alert: Deadline to use for greater pension from EPF ends right this moment

Deadline to use for greater pension from EPF ends right this moment: Today, June 26, is the final day to use for the next pension below the Employees’ Pension Scheme (EPS). If EPF members miss this deadline, they’ll miss the chance to use for the next pension.

Will EPFO lengthen the deadline for the third time right this moment?

The EPFO has already prolonged the deadline twice. In May, whereas extending the deadline for the second time, the Ministry of Labour and Employment stated that it has been determined that to offer a bigger window of alternative and allow all eligible individuals to file their functions, the timeline for submitting functions would now be until June 26, 2023.

Why the timeline was prolonged twice?

The timeline was prolonged to facilitate and supply ample alternative to the pensioners in order to ease any issue being confronted by them. 

Earlier in November 2022, the Supreme Court requested the federal government to offer subscribers 4 months for choosing the next pension.

Who is eligible to use for greater pension from EPS?

Those who had been members of EPF and EPS on September 1, 2014, and continued to be after that date

Those who retired earlier than September 1, 2014, and beforehand opted for greater pensions however their functions had been rejected by the EPFO authorities.

Documents required

You should hold your Universal Account Number (UAN), Pension Payment Order (PPO) quantity for pensioners, proof of fee made to the EPF account above the wage ceiling restrict, and so forth. are a number of the paperwork that you will want when filling out the web utility type.

Formula for calculating greater pensionThe components for calculating greater pension for individuals who retired previous to 1 September 2014

The pension shall be calculated based mostly on the typical month-to-month pay drawn in the course of the contributory interval of service within the span of 12 months previous the date of exit from the membership of the pension fund.

The components for calculating greater pension for individuals who retired/will retire on or after 1 September 2014

The pension shall be calculated based mostly on the typical month-to-month pay drawn in the course of the contributory interval of service within the span of 60 months previous the date of exit from the membership of the pension fund.

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Updated: 26 Jun 2023, 07:35 AM IST