Published by: CNBC-TV18.com
The calculation formula for higher pensions will vary depending on whether the retirement date is before or after September 1, 2014.
The pension amount will be determined based on the average monthly pay received in the 12 months leading up to retirement.
The pension amount will be calculated based on the average monthly pay received in the 60 months just before retirement.
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
2. An authenticated salary slip/letter from the employer
3. A copy of the joint request & undertaking from the employer.
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.
Employees and employers who were EPS members but did not utilise the joint option in the previous window can now submit it.
Employees who were members before September 1, 2014, and maintained their membership on or after that date are eligible.
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.