How to apply for higher pensions under the Employees' Pension Scheme

Published by: CNBC-TV18.com

To simplify the process of claiming higher pensions, Employees' Provident Fund Organisation (EPFO) has released guidelines for computing the increased pension amount.

The calculation formula for higher pensions will vary depending on whether the retirement date is before or after September 1, 2014.

How to calculate high pension on actual salary?

The pension amount will be determined based on the average monthly pay received in the 12 months leading up to retirement.

Formula for people retired before September 1, 2014

The pension amount will be calculated based on the average monthly pay received in the 60 months just before retirement.

Formula for people retired post September 1, 2014

Along with the joint pension application form, at least one of the following documents are needed... 1. Wage details submitted by the employer for option/joint option validation

What are the documents required?

2. An authenticated salary slip/letter from the employer

What are the documents required?

3. A copy of the joint request & undertaking from the employer.

What are the documents required?

Both employees & employers who made contributions on salaries exceeding the wage ceiling of Rs 5,000 or Rs 6,500 can submit the joint option to the relevant regional office.

Who can apply?

Employees and employers who were EPS members but did not utilise the joint option in the previous window can now submit it.

Who can apply?

Employees who were members before September 1, 2014, and maintained their membership on or after that date are eligible.

Who can apply?

Eligible subscribers, in collaboration with their employers, can apply for the enhanced benefit using the commissioner-prescribed application form, along with all necessary documents such as the joint declaration.

How to apply?

The last date to apply for a higher EPS pension is June 26, 2023

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