Hyderabad: Employees who come under the purview of the Employees’ Provident Fund Organization (EPFO) have only one more day left to submit applications for higher pensions. The deadline, which was extended three times, will end on Tuesday (July 11). So far, officials have revealed that 18 lakh people across the country have applied for higher pensions. Those who have not yet applied are advised to complete the process within the next two days. Those who joined the service before September 1, 2014, are eligible to apply online for higher pensions by submitting their applications to the EPFO.
However, the deadline for the higher pension scheme ends on June 26. Due to technical issues online, the opportunity to submit applications has been extended until July 11. Prior to this, the deadline for submission of forms was extended from March 3 to May 3, and then to June 26. But due to lack of clarity on various regulations and lack of details from EPFO, majority employees eligible for higher pensions have not yet submitted their applications.
Who is eligible?
Those who have become members of EPFO and EPS before September 1, 2014, are eligible for higher pensions. Similarly, retired employees who have applied for higher pensions by submitting their applications before September 1, 2014, can also be eligible if their applications are approved by EPFO officials.
To apply for higher pensions, individuals need to provide their Universal Account Number (UAN), Pension Payment Order (PPO) related to pensions, and proof of contribution to EPF account higher than wage limit. Clarity has been provided by EPFO regarding eligibility for higher pensions based on monthly wages. Retirees who receive a pension equal to or less than 12 times of the last monthly wages prior to September 2014 will be considered eligible and those who retire after that will receive a pension equal to or less than 15 times of their last monthly wages. The special formula will be applied to those who are eligible for higher pensions after crossing the maximum wage limit. EPFO has also set guidelines for the calculation of pension based on the decision taken only after considering the pension contribution.
Overall, employees are urged to take advantage of this opportunity and submit their applications for higher pensions before the deadline to ensure they receive the benefits they are entitled to.
