Higher EPS pension: The Employees Provident Fund Organisation (EPFO) has issued a fresh circular on details for scrutiny of information and wage details submitted by the employee and employer for higher pension.
In a circular issued on April 23, the EPFO said that applications submitted by employees and joint options for higher pension will be examined by the field office. In case, the requirements are complete and accurate, the wage details submitted by the employers will be verified with the data available with the field offices.
In case of data mismatch, employees and employers will be given a one-month time to provide complete information.
Besides, the circular also clarifies some basic issues, like what will happen once the joint application form is submitted, what if there is an error in the joint application form, and lastly, what if an employer has not approved the joint application form, and others.
What is a joint application form?
As per the EPFO circular, the joint application form once submitted, it will be examined by the EPFO field office. The data, requirements and the wage details once given by the employers, will be verified with the data available with the EPFO.
Once the verification process is over, the EPFO will calculate the dues and an order will be passed for depositing/transferring of dues.
“Applications/Joint options will be examined by Field. In case, the requirements are complete, the wage details submitted by the employers will be verified with the data available with the field offices,” the EPFO said.
What if the application is not approved by the employer?
The EPFO, in its circular, said that in case the submitted application form/join option is not approved by the employer, the employer will be approached once for additional proof or evidence or correct any mistakes/errors. The opportunity will be for a period of one month.
“Before any rejection, an opportunity will be given to the employer for providing any additional proof or evidence or correct any mistakes/errors (including those made by employees/pensioners). Such Opportunity will be for a period of one month and under intimation to the employees/pensioners,” the circular said.
Once done, then the joint application form will be accepted by the EPFO. The order will be issued regarding transferring or depositing dues. And if the complete information is not received within a month, the EPFO will pass an order on merit.
What will happen if data submitted is erroneous?
The EPFO has said that in cases where the submitted information is not complete or seems erroneous or any information in application/joint option for needs correction request or not found eligible, APFC/RPFC-II will seek information from the employers under information to employees/pensioners within one month.
However, if the complete information is not received then the APFC/RPFC-II/RPFC-I will pass the order on merit, the EPFO said.
What will happen if there is a mismatch in data submitted?
The EPFO circular states that if there is a mismatch, the same will be informed to the employer and the employee/pensioner by EPFO. They will be given one month to provide the correct information.
Grievance Redressal
Applicants can register any grievance related to higher pension applications on EPFiGMS after submission of the request form and payment of due contributions, if any. The registration of such grievance shall be under the specified category of higher pension with reference to Supreme Court judgment dated 04.11.2022. All such grievances shall be addressed and disposed of at the level of Nominated Officer.
Other details
The EPFO circular has also stated that the higher pension option is available to subscribers who either contributed on actual wages higher than Rs 5,000 or Rs 6,500 per month prevalent threshold pensionable salary or exercised their option for higher pension or their request for higher pension was declined by EPFO authorities before the amendment to EPS-95 in 2014.
What is Higher Pension from EPS?
Earlier this year, EPFO allowed its subscribers to opt for a higher pension amount by increasing their contribution towards the EPS. As per the new rules, subscribers can contribute 8.33 per cent of their actual basic pay towards the EPS to earn a higher EPFO pension.
Earlier, the pensionable salary was capped at Rs 15,000 per month. Employees who were members of the EPF as on September 1, 2014, will be allowed to opt for a higher pension.
The new rules allow subscribers and their employers to jointly apply for a higher pension under the EPS. Eligible EPF members can apply for higher pension by May 3, 2023.
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