Explained | A breakdown of the higher pension scheme
The story so far: The long wait of subscribers of the Employees’ Provident Fund Organisation and those who retired after September 1, 2014, to apply for higher PF pension under the Employees’ Pension Scheme of 1995 came to an end on February 27 with the Organisation providing a web link on its members’ page. Even though employers, in many instances, had been making PF contributions over and above the ceiling for their employees, only 8.33% of the pensionable salary cap had got transferred to the Pension Fund. In the event of the authorities clearing the applications for higher pension, the pensioners and the subscriber will have to remit to them the amount that represents the difference between the portion of PF contributions transferred earlier to the Pension Fund and what would have to be paid based on actual salary. In the case of the subscribers, a certain portion of the amount lying with their individual PF accounts may even get transferred to the Pension Fund, after their applications for higher pension get approved.
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