Should you opt for higher pension under the Employee Pension Scheme?
1 year, 10 months ago

Should you opt for higher pension under the Employee Pension Scheme?

Live Mint  

The deadline for opting for higher pension under the Employee Pension Scheme is 26 June. In hindsight, EPFO probably rues making this change as it allowed members to opt for significantly higher pensions, thereby increasing EPS’ pension obligation. When members started opting for higher pensions by contributing to EPS based on actual salary, EPFO rejected many applications on procedural grounds. The court has kept the requirement of 1.16% additional contribution into EPS in abeyance and has given members an extended timeline to make an application to EPFO for higher pension. If this individual was to contribute to her EPS based on actual salary, she will receive an annual pension of ₹26 lakh, which will be a respectable 40% of her last drawn salary.

Employee Members Higher Opt Pension Scheme Eps Option Higher Pension Higher Pensions Salary Epfo Your Eps  pension  scheme  salary  epfo  opt  contribution  eps  option  epf  employee  members  higher

History of this topic

Higher EPS pension: Why do employees feel shortchanged?
1 month ago

Higher EPS pension: Why do employees feel shortchanged?

Live Mint  

NEW DELHI : Opting for a higher pension under the Employees' Pension Scheme seems to have become a procedural nightmare for employees. However, the EPFO calculates the pension amount on a pro-rata basis, splitting the service period into two parts: i) from the date of implementation of the EPS, that is, from 16 November 1995 to 31 August 2014; ii) …

Minimum EPS pension hike to ₹7,500 may be considered in Union budget 2025: Report
2 months, 2 weeks ago

Minimum EPS pension hike to ₹7,500 may be considered in Union budget 2025: Report

Hindustan Times  

The government could reportedly be considering acting on the appeal by private sector employees covered under the Employees' Provident Fund Organisation for an increase in the minimum pension, which at the moment is fixed at ₹1,000 per month. Under the Provident Funds and Miscellaneous Provisions Act, an employer and worker both are required to contribute 12% of a person’s basic …

Budget 2025: Government may raise minimum EPS pension to Rs 7,500
2 months, 2 weeks ago

Budget 2025: Government may raise minimum EPS pension to Rs 7,500

India Today  

In a move that could significantly impact private sector employees, the government is reportedly contemplating a hike in the minimum monthly pension under the Employees’ Pension Scheme to Rs 7,500. A delegation representing pensioners met Finance Minister Nirmala Sitharaman on January 10, 2025, during a pre-budget consultation, urging an increase alongside additional benefits like a dearness allowance hike and free …

EPS rule update: Pensioners can now withdraw pension from any bank branch
2 months, 4 weeks ago

EPS rule update: Pensioners can now withdraw pension from any bank branch

Hindustan Times  

Employees’ Pension Scheme subscribers now have access to their pension from any bank branch in India. Pensioners don't have to visit the branch for any verification and it will be credited immediately upon release The ministry of labour and employment made the announcement in a statement on September 4 last year as part of the newly introduced Centralised Pension Payments …

EPS rule tweak: Starting today, pensioners can withdraw pension from any bank branch across India. Check latest norms
3 months ago

EPS rule tweak: Starting today, pensioners can withdraw pension from any bank branch across India. Check latest norms

Live Mint  

Employees’ Pension Scheme subscribers can access pension from any bank branch in India from today, January 1, 2025. This is the outcome of the introduction of the Centralised Pension Payments System, and the rollout is expected to benefit 78 lakh EPS pensioners. Additionally, pensioners would not need to visit the branch for any verification at the time of commencement, and …

Will EPF pension be raised soon? Here are parliamentary panel’s recommendations
3 months, 2 weeks ago

Will EPF pension be raised soon? Here are parliamentary panel’s recommendations

Live Mint  

The Parliamentary Standing Committee on Labour recently recommended that the government raise the minimum pension, which currently stands at ₹1,000, given by the Employee Provident Fund Organisation under its Employee Pension Scheme. In its report tabled in Parliament on December 16, the panel noted that over a decade has passed since the minimum pension of ₹1,000 per month was implemented. …

EPFO high pension: Why have 1.7 million applied for higher EPS contribution?
3 months, 2 weeks ago

EPFO high pension: Why have 1.7 million applied for higher EPS contribution?

India Today  

Over 1.7 million Employees' Provident Fund Organisation members have opted for higher pensions under the Employees’ Pension Scheme, following the Supreme Court’s landmark ruling in November 2022. This ruling has brought significant relief for eligible employees, allowing them to contribute to the scheme based on their actual basic salaries instead of the fixed threshold of Rs 15,000 per month. Under …

EPF Vs EPS: Which One Secures Your Financial Future Better?
3 months, 4 weeks ago

EPF Vs EPS: Which One Secures Your Financial Future Better?

ABP News  

EPF Vs EPS: In a bid to secure the financial future of employees, India offers two major retirement schemes: the Employees' Provident Fund and the Employee Pension Scheme. Upon retirement, employees receive a lump sum, ensuring financial stability in their later years. While EPF ensures savings, EPS guarantees regular monthly income post-retirement to eligible employees. Key Differences Between EPF and …

Pension concerns: On the EPFO recommendation
1 year, 1 month ago

Pension concerns: On the EPFO recommendation

The Hindu  

The recommendation of the Central Board of Trustees of the Employees’ Provident Fund Organisation for a 0.1-percentage-point increase in provident fund deposits for 2023-24 should not be surprising, as it is in tune with what the EPFO did last year. Months ago, the Finance Ministry had rejected a proposal to double the minimum pension amount, citing a “huge rise” in …

EPFO launches calculator for higher EPS pension additional contribution
1 year, 9 months ago

EPFO launches calculator for higher EPS pension additional contribution

Live Mint  

The Employees’ Provident Fund Organisation launches calculator for higher EPS pension additional contribution for employees from the Employees’ Pension Scheme Employees can now calculate the money they have to pay to receive a higher pension as the retirement body has released the Excel utility-based calculator to estimate dues that one has to pay. To find out the additional amount for …

Deadline for Higher EPS pension on June 26. Here's how to calculate the amount
1 year, 9 months ago

Deadline for Higher EPS pension on June 26. Here's how to calculate the amount

Hindustan Times  

Around 10 days remain for those who wish to participate in the Employees' Pension Scheme's Higher Pension Scheme, which permits eligible individuals to earn a higher pension amount depending on specified conditions. Calculation of Higher Pension for pre-September 2014 retirees: To determine the pension amount, the average monthly pay earned during the contributory period of service in the 12 months …

EPFO eases higher pension rules: Formula for calculation, list of documents
1 year, 9 months ago

EPFO eases higher pension rules: Formula for calculation, list of documents

Live Mint  

Only twelve days window left for employees to apply for higher EPS pension. Formula for calculating higher pension for those who retired prior to 1 September 2014 The pension shall be calculated based on the average monthly pay drawn during the contributory period of service in the span of 12 months preceding the date of exit from the membership of …

Applications for higher pensions under EPS to be assessed within 20 days of receipt: EPFO
1 year, 9 months ago

Applications for higher pensions under EPS to be assessed within 20 days of receipt: EPFO

Hindustan Times  

The joint applications for higher pensions under the Employees' Pension Scheme will have to be scrutinised within 20 days of receipt, the Employees' Provident Fund Organisation has directed its field officers. “Hence, it is reiterated that each Applications for Validation of Joint Option/Joint Option shall be scrutinized expeditiously and it shall be ensured that Demand Letter to Employer/Communication to Employer …

How to get a higher pension in current EPFO ruling explained
1 year, 10 months ago

How to get a higher pension in current EPFO ruling explained

Live Mint  

The Employees' Provident Fund Organisation has come up with a procedure for a contribution towards higher EPS pension. According to the labour ministry, the additional contribution of 1.16 per cent of basic wages for subscribers opting for higher pensions will be managed from employers' contributions. Employees Pension Scheme calculation At present, the government pays 1.16 per cent of basic wages …

EPFO: New deadline to apply for higher pension. Check details here
1 year, 10 months ago

EPFO: New deadline to apply for higher pension. Check details here

Live Mint  

In order to provide a larger window of opportunity and in order to enable all eligible persons to file their applications, the Employees' Provident Fund Organisation has extended the date for filing applications to opt for a higher pension. The Supreme Court initially set a four-month deadline from the judgment date for eligible employees who were members of the EPF …

Government extends date to opt for higher EPF pension to June 26
1 year, 10 months ago

Government extends date to opt for higher EPF pension to June 26

The Hindu  

The Centre has extended the time to submit joint options to claim higher provident fund pension till June 26. They said such a requirement, while submitting the joint options for higher pension, is designed to discourage and disqualify applications for higher pensions. They added that the calculation of the actual quantum of money to be recovered from the provident fund …

3 May is the deadline for higher EPFO pension: Should you opt for it?
1 year, 10 months ago

3 May is the deadline for higher EPFO pension: Should you opt for it?

Firstpost  

Tomorrow is the last day to apply for a higher pension under the Employees’ Pension Scheme. Experts say employees must consider a variety of factors including their own finances, the pension they are likely to receive and the EPF sum they are giving up before taking such a call Wednesday is the last day employees can choose a higher pension …

Higher pension from EPF: Will EPFO extend the deadline?
1 year, 11 months ago

Higher pension from EPF: Will EPFO extend the deadline?

Live Mint  

With less than 2 days left for individuals to apply for higher pensions under the Employees' Pension Scheme, the question is: Will EPFO extend the deadline? The EPFO issued a circular on 23 April in which it stated that applications and joint options for higher pension will be examined by the field office. Now, on demand of the employees’/employers’ associations …

As EPFO higher pension scheme deadline arrives, check eligibility, interest rate and other details
1 year, 11 months ago

As EPFO higher pension scheme deadline arrives, check eligibility, interest rate and other details

Hindustan Times  

The Employees’ Provident Fund Organisation has set May 3 as the last date to submit an application for higher pension under the Employees' Pension Scheme. Employees who became members before 1 September 2014 and continue to be one can apply for higher pension. Documents to submit Employees should share an agreement to allow the transfer of funds from the provident …

EPFO Extends Deadline to Opt for Higher Pension for Members Retired in Sep 2014
2 years ago

EPFO Extends Deadline to Opt for Higher Pension for Members Retired in Sep 2014

News 18  

All eligible pensioners under the Employees’ Pension Scheme 1995 who retired before September 2014 can apply to opt for a higher pension by May 3 this year. On Monday, Parliament was informed that the deadline for eligible pensioners under the Employees Pension Scheme 1995, who retired before September 2014, to opt for higher pension ended on March 3 this year. …

Explained | A breakdown of the higher pension scheme
2 years ago

Explained | A breakdown of the higher pension scheme

The Hindu  

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, …

All you need to know about EPF higher pension scheme
2 years ago

All you need to know about EPF higher pension scheme

Hindustan Times  

The Employees Provident Fund Organisation has issued new guidelines under which subscribers and employers can jointly apply for a higher pension under the Employees' Pension Scheme. How to apply for a higher pension on the EPF portal: - Visit EPFO Unified Member portal - Select "Pension on higher salary: Exercise of joint option on or before May 3, 2023" - …

Higher EPFO pension: Why you should avoid going for it
2 years ago

Higher EPFO pension: Why you should avoid going for it

Live Mint  

In accordance with the Supreme Court's directive, the Employees Provident Fund Organization has extended the deadline for applications for higher pensions by 60 days. Amit Gupta, MD, SAG Infotech said to provide a larger pension after retirement, a portion of an EPFO member's EPF corpus will be moved to the EPS scheme from the date of joining if the person …

Is the higher pension scheme worth it? All you need to know
2 years, 1 month ago

Is the higher pension scheme worth it? All you need to know

India Today  

The Employees Provident Fund Organisation has announced a new set of guidelines for employees who want to increase their pension. EPF HIGHER PENSION: NEW GUIDELINES A disclaimer should be included in the joint option/higher pension claim application. EPF HIGHER PENSION: DOCUMENTS REQUIRED The following papers should be supplied with the higher pension claim application: Evidence of a joint option is …

EPFO sets May 3 as deadline for subscribers to opt for higher pension
2 years, 1 month ago

EPFO sets May 3 as deadline for subscribers to opt for higher pension

India TV News  

The Employees' Provident Fund Organisation on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The deadline accordingly should have been around March 3, 2023, but EPFO only last week came out with the procedure for opting for higher pension under the Employees' Pension Scheme. Last week, EPFO came out with a procedure to …

EPFO sets May 3 as deadline for subscribers to opt for higher pension
2 years, 1 month ago

EPFO sets May 3 as deadline for subscribers to opt for higher pension

Deccan Chronicle  

New Delhi: The Employees' Provident Fund Organisation on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per …

EPFO sets deadline for subscribers to opt for higher pension set as May 3
2 years, 1 month ago

EPFO sets deadline for subscribers to opt for higher pension set as May 3

Hindustan Times  

The Employees' Provident Fund Organisation on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2024, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of …

Higher pension | Eligible EPFO members can apply till May 3
2 years, 1 month ago

Higher pension | Eligible EPFO members can apply till May 3

The Hindu  

All eligible members can opt and apply jointly with their employers for higher pension till May 3, 2023 at unified members' portal of retirement fund body EPFO. EPFO issues guidelines for employees, pensioners to opt for higher pension In an office order, EPFO had provided for dealing with the ''Joint Option Form'' by field offices of the body. EPFO has …

EPFO Update: Know How To Get Higher Pension Under EPS. Check Guidelines & Eligibility Here
2 years, 1 month ago

EPFO Update: Know How To Get Higher Pension Under EPS. Check Guidelines & Eligibility Here

ABP News  

EPFO Update : Employees Provident Fund Organisation has opened a new window for subscribers who couldn’t opt for higher pensions earlier through guidelines issued on Monday. EPFO Update : Check the guidelines to be followed for applying for a higher pension The request will be made in such form and manner, as may be decided by the Regional Provident Fund …

EPFO issues guidelines to let subscribers opt for higher pension. Check details
2 years, 1 month ago

EPFO issues guidelines to let subscribers opt for higher pension. Check details

Hindustan Times  

The Employees Provident Fund Organisation has introduced new guidelines, under which subscribers and employers can jointly apply for higher pension under Employees' Pension Scheme. According to HT's sister website Mint, EPFO has now allowed subscribers to go beyond the pensionable salary, capped at ₹15,000 per month. The same amendment also allowed members and their employers to jointly contribute 8.33% of …

EPFO issues guidelines for employees, pensioners to opt for higher pension
2 years, 1 month ago

EPFO issues guidelines for employees, pensioners to opt for higher pension

The Hindu  

After days of discussions, the Employees’ Provident Fund Organisation has issued a circular on Monday to its regional offices with a set of instructions to implement the November 4 judgment of the Supreme Court on higher provident fund pension. Employees can submit the joint option with the employers using the members’ section of the EPFO website, which will be made …

EPFO gives last chance to opt for higher EPS pension: Latest guidelines
2 years, 1 month ago

EPFO gives last chance to opt for higher EPS pension: Latest guidelines

Live Mint  

Are you a member of Employees' Pension Scheme prior to 31 August, 2014 and continue to be the same? EPFO's new procedure will enable subscribers and their employers to jointly apply for higher pension under Employees' Pension Scheme. EPFO has asked its field offices to provide an option for higher pension to eligible subscribers in accordance with the Supreme Court …

EPFO circular leaves a big chunk of EPS pensioners in the dark about revised scheme
2 years, 3 months ago

EPFO circular leaves a big chunk of EPS pensioners in the dark about revised scheme

The Hindu  

The Employees Provident Fund Organisation ’s latest circular, providing an opportunity to a section of pensioners to apply for higher pensions, is silent about those who could not exercise the option for enhanced pension due to the authorities’ interpretation of the cut-off date. Gupta case of 2016, the apex court stated two months ago that “all the employees who did …

How the Supreme Court ruling affects your pension payouts
2 years, 4 months ago

How the Supreme Court ruling affects your pension payouts

The Hindu  

Successive governments in India have been trying to wean workers away from defined benefit pension plans, to market-linked ones. Once you join EPF, your employer deducts 12% of your basic pay every month towards the fund, while making a matching contribution. While your 12% contribution goes entirely into your EPF account, 8.33% of your employer’s contribution goes into the EPS, …

All employees can opt for EPFO pension scheme: Supreme Court
2 years, 4 months ago

All employees can opt for EPFO pension scheme: Supreme Court

The Hindu  

The Supreme Court on Friday upheld the Employees’ Pension Scheme, 2014 of the Employees’ Provident Fund Organistion as “legal and valid” while reading down certain provisions. The court struck down a requirement in the 2014 amendments that employees who go beyond the salary threshold should contribute monthly to the pension scheme at the rate of 1.16% of their salary. The …

Pension Rule BIG Change: You will Receive Pension by this Date From Now, Details Here
3 years, 2 months ago

Pension Rule BIG Change: You will Receive Pension by this Date From Now, Details Here

News 18  

EPS Pension Disbursal Rule Change: The Employees Provident Fund Organisation, or EPFO, has taken note of the adversities faced by pensioners who have claimed that their pension does not reach them on time. The EPFO, in a circular dated January 13 this year, has said that the pension amount must be credited to the EPS 95 pensioners’ accounts within the …

Govt amends EPS-95 to provide Rs 1,000 minimum monthly pension
8 years, 9 months ago

Govt amends EPS-95 to provide Rs 1,000 minimum monthly pension

Firstpost  

Employees’ Provident Fund Organisation had started providing this entitlement under the scheme from September 1, 2014 New Delhi: The Labour Ministry has amended the Employees’ Pension Scheme 1995 to provide the entitlement of minimum monthly pension of Rs 1,000 in perpetuity to its over 50 lakh pensioners. “Earlier, the provision of providing entitlement of minimum monthly pension of Rs 1,000 …

Age limit under EPFO pension scheme may be raised to 60 - IndiaTV News
10 years, 1 month ago

Age limit under EPFO pension scheme may be raised to 60 - IndiaTV News

India TV News  

New Delhi: Retirement fund body EPFO's trustees in a meeting on Thursday will consider a proposal to raise the age limit from 58 to 60 years for vesting of pension under the Employees' Pension Scheme. At present, a formal sector worker covered under the EPS-95 can make contributions towards pension scheme till the age of 58 years and can claim …

EPFO notifies minimum Rs 1000 pension for 32 lakh beneficiaries
10 years, 6 months ago

EPFO notifies minimum Rs 1000 pension for 32 lakh beneficiaries

India TV News  

New Delhi: The government's decision to amend the Employees Pension Scheme, 1995 run by Employees' Provident Fund Organisation to provide a minimum monthly pension of Rs 1,000 will immediately benefit an estimated 32 lakh pensioners who get less than the aforementioned amount. Earlier, estimates of EPFO had suggested that the immediate beneficiaries who were getting less than Rs 1000 every …

Wage ceiling for EPF raised to Rs.15,000
10 years, 7 months ago

Wage ceiling for EPF raised to Rs.15,000

The Hindu  

The much-awaited minimum monthly pension of Rs.1,000 and a higher wage ceiling of Rs.15,000 for social security schemes run by retirement fund manager Employees’ Provident Fund Organisation will be implemented from September 1. The move to enhance the minimum wage ceiling for becoming a subscriber of the EPFO to Rs.15,000 a month is expected to bring 50 lakh additional formal …

Discover Related