EPFO Higher Pension Apply: Employees’ Provident Fund Org.zation ie EPFO has given its eligible subscribers the opportunity to choose more pension options! Under this, EPFO has extended the application deadline till May 3, 2023 to get more pension. However, there are many questions in the minds of the employees regarding this.
EPFO Higher Pension Apply
EPFO Higher Pension Apply
This is what every employee wants to know! After all, EPFO (Employees’ Provident Fund Org.sation) is the right option for higher pension! Or not and whether to invest in it or not. There is also a question about this! How beneficial this pension scheme can be for the employees! And how much their salary is going to increase by choosing this option! So let’s know the answers to all these questions one by one.
What Is Employees Pension Scheme
Employees’ Provident Fund Org.zation ie EPS came into existence in November 1995! Under this pension scheme, the Employees Provident Fund Org.zation gives pension to the employees after retirement. When this pension scheme was implemented! So at that time the employee used to contribute 12% of his basic salary to EPFO.
EPFO Higher Pension Apply
Instead of which the total was deposited to the employees after retirement. Used to get a fat retirement fund with strong interest on the amount! But then changes were made in the rules of the Employee Pension Scheme. Under this change, the 12 percent contribution made by the employee’s org.zation to EPFO (Employees’ Provident Fund Org.zation) was divided into 2 parts 8.33% and 3.67%.
EPFO made important changes in the rules of pension scheme
In August 2014, EPFO (Employees’ Provident Fund Org.sation) changed the rules of EPS once again. After which the limit of pensionable income was increased from Rs.6,500 per month to Rs.15,000. Along with this the employees were given this option. That they can contribute to EPS according to their actual basic salary.
Employees’ Provident Fund Org.zation
For this they have to apply in their institute. Whereas, if an EPFO (Employees’ Provident Fund Org.sation) employee does not apply for it! So the contribution to EPS pension from his basic salary will be made only according to the maximum limit of Rs 15,000.
The Supreme Court gave this order regarding the Pension Scheme
In the year 2014, all the employees were given a deadline of 6 months to opt for this pension scheme. Which was later extended for 6 months with some conditions. But then many employees applied in the Supreme Court. That the time given in 2014 to understand the changes made in the EPFO (Employees’ Provident Fund Org.sation) pension scheme and choose the scheme was not enough!
EPFO Higher Pension Apply
Due to lack of information, many employees could not take advantage of this pension scheme. The Supreme Court had said in its order on November 4, 2022! That EPFO (Employees’ Provident Fund Org.sation) will have to give four months time to all eligible members to choose the option of Higher Pension!
Employees’ Provident Fund Org.zation extended the deadline to apply for higher pension
Complying with court orders! EPFO had extended the application date for more pension by four months. This four-month period is ending on March 3, 2023! Because of this such news was coming. That its deadline is March 3, 2023. But recently once again EPFO (Employees’ Provident Fund Org.sation) has extended the application date for the scheme to get more pension!
After which, under the Employees’ Pension Scheme, 1995 (EPS 95), EPFO subscribers can apply under the Employees’ Provident Fund Org.zation to get more pension by May 3, 2023!
Also know :-
PPF Scheme Interest Rate: ₹ 1,74,47,857 will be available only from interest in PPF, ₹ 2,26,97,857 will be available on maturity
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