Higher pension | EPFO to wait for number of applicants before releasing calculation process

Even as the last date to file joint options to claim higher Provident Fund pension ends on May 3, the Centre has decided to wait for the total number of applicants before releasing the procedures to calculate the pension and the share of employees. The amendments to the Employees’ Pension Scheme of 1995 to decide the future of the Centre’s budgetary support of 1.16% of wages to the higher pension of a member of the Employees’ Provident Fund Organisation is also likely to take time. Mr. Kohli said the pensioners’ groups would help the employers to prepare the total amount payable, interest and other components that are needed for claiming higher PF pension. “The joint option for employees who were in service prior to September 1, 2014, and continued to be in service on or after September 1, 2014, but could not exercise joint option under the Employees’ Pension Scheme can do so now on or before May 3, 2023,” the EPFO said on its website.