Greater pension from EPFO: Deadline, Eligibility, rate of interest and different particulars

With simply lower than per week left for people to use for greater pensions below the Workers’ Pension Scheme (EPS), the Workers’ Provident Fund Organisation (EPFO) has issued new particulars for scrutiny of data and wage particulars submitted by the worker and employer for greater pension.

The EPFO issued a round on 23 April by which it acknowledged that functions and joint choices for greater pension will likely be examined by the sector workplace . In case, the necessities are full, the wage particulars submitted by the employers will likely be verified with the info obtainable with the sector workplaces.

Deadline to go for the next pension is Could 3

The final date to submit the appliance for the upper pension below the EPS is 3 Could 2023.

Confusion over EPFO notice on greater pension

As per Amit Gupta, MD, SAG Infotech, EPFO in India has not been in a position to present any rationalization for the difficulty of an increase in pension functions. The EPFO revealed a notification stating that the member was chargeable for establishing eligibility and that the method for asking for the next pension was not automated. Nonetheless, the announcement was obscure concerning the eligibility necessities and the method for verifying eligibility, which led to members’ confusion.

Paperwork to submit

The paperwork that an eligible worker should submit embody an settlement to permit the switch of funds from the provident fund to the pension fund, proof of the employer’s share within the provident fund on greater wages exceeding the usual wage ceiling of 5,000/ 6,500, and a joint choice kind with a declaration from the employer and worker for the next contribution to the EPS as excessive as 8.33% of the particular wages sooner or later, stated Amit Gupta, MD, SAG Infotech.

Who all are eligible for greater pensions now?

1) Workers who had been members earlier than 1 September 2014, and continued to be a member on or after that date

2)Workers and employers who had contributed on wage exceeding the usual wage ceiling of 5,000 or 6,500.

“Within the circumstances the place FO particulars and employers’ particulars match, the dues will likely be calculated and an order will likely be handed by APFC/RPFC-II/ RPFC-I for depositing/transferring the dues. Within the circumstances the place there’s a mismatch, the identical will likely be knowledgeable to the employer and the worker/pensioner by APFC/ RPFC-II. They are going to be given a time of 1 month to finish the knowledge,” EPFO stated in its round.

 “In circumstances the place the submitted data isn’t full or appears misguided or any data in utility/ joint choice kind wants correction request or isn’t discovered eligible, APFC/RPFC-II will search data from the employers below intimation to the workers/pensioners inside one month. If full data is obtained, the case shall be processed additional as at 3 above. Nonetheless, if, full Info isn’t obtained inside one month, the order will likely be handed on advantage by the APFC/RPFC-II/RPFC-1,” it added.

Tips on how to apply for the next pension

All eligible staff should submit an utility within the prescribed kind on the EPFO portal together with the required paperwork as talked about above within the copy. 

The hyperlink will be accessed on the UAN Member e-SEWA portal (

The appliance will likely be verified by the employer post-submission by the EPFO officer.

If all particulars are appropriate, then dues will likely be calculated and an order will likely be handed for transferring the dues.

In case of a mismatch, the identical will likely be communicated to the employer and worker by EPFO and they are going to be given a time of 1 month to finish the knowledge.

PF deposits rate of interest for FY23 to eight.15%

EPFO raised the rate of interest on staff’ provident fund to eight.15% for FY23. The brand new charge is a marginal improve over the earlier yr. The EPF rate of interest stays the best within the small financial savings class.

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