EPFO had announced a new plan for Higher pension under EPS

Employees Provident Fund Organization ( EPFO), Retirement Fund Body on Monday announced a new plan to enable subscribers and their employees to jointly apply for Higher Pension under Employees Pension Scheme (EPS). Earlier in November 2022 the Supreme Court had advocated Employees Pension (Amendment) Scheme in 2014

EPFO

The EPS amendment of August 22 2014 had increased the monthly pensionable salary capacity from Rs 6,500 to Rs 15,000. They have also allowed members along with their employers to contribute 8.33% of their actual salaries ( if it exceeded the capacity) towards the EPS

In an official order being issued in compliance with the order of Supreme Court on November 4 2022 EPFO has asked to provide  'Joint Option Form' along with eligible subscribers by field offices of the body in accordance with the supreme court order.

EPFO is going to provide a URL (Unique Resource Location) then regional Provident Fund Commissioner shall serve appropriate notice on the notice board and banners for  wider spreading of information to public

Each application will be processed digitally and the respective receipt number will be provided to the applicant. The Concerned regional provident fund office will examine each case of joint option on higher salary and intimate the information to the application through SMS/email/post. The grievance of applicant can be registered on EPFiGMS(grievance portal) after the submission of his joint option form and payment of due contributions if any.

According to the EPFO Circular on December 29 2022 the central government has directed to implement the court order. The Apex Court had given all the EPS Members, as on September 1, 2014 six months time to opt the amended scheme.In order the Apex court gave 4 more months to eligible subscribers to opt for Higher Pension Scheme under EPS-95.

The court has also made mandating employee contribution of 1.16% of  the salary exceeding Rs 15,000 per month. This will help subscribers to contribute higher to the scheme and get more benefits.The EPFO has also provided higher pension option for all eligible subscribers who are contributing salaries higher than Rs 5000 or Rs 6500 per month The eligible subscribers would have to apply jointly with their employer in prescribed  form  and other relevant documents like joint declaration etc.. by the commissioner to receive benefits