The apex court docket had given all EPS members, as on September 1, 2014, six months to go for the amended scheme.
In an workplace order, EPFO offered for coping with the ‘Joint Option Form’ by area places of work of the physique.
Retirement fund physique Employees’ Provident Fund Organisation (EPFO) on Monday got here out with a process to allow subscribers and their employers to collectively apply for greater pension below Employees’ Pension Scheme (EPS).
In an workplace order, EPFO offered for coping with the ‘Joint Option Form’ by area places of work of the physique.
EPFO acknowledged {that a} facility shall be offered for which URL (distinctive useful resource location) shall be knowledgeable shortly. “Once obtained, the regional PF commissioner shall put sufficient discover on the discover board and banners for wider public info.”
It also provided that each application will be registered, digitally logged and the receipt number will be provided to the applicant.
The office in-charge of the concerned regional provident fund office shall examine each case of joint option on higher salary and intimate the decision to the applicant through e-mail/post and later through SMS also.
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It also provided that any grievance by the applicant can be registered on EPFiGMS (grievance portal) after submission of his joint option form and payment of due contributions, if any.
The order stated that these directions are being issued in compliance with the order of Supreme Court on November 4, 2022.
The Court had upheld Employees Pension (Amendment) Scheme 2014.
The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS.
EPFO has asked its field offices to provide an option for higher pension to eligible subscribers in accordance with the Court order.
According to the EPFO circular on December 29, 2022 the central government has directed to implement the directions in the order.
The apex court had given all EPS members, as on September 1, 2014, six months to opt for the amended scheme.
The apex court in its order gave four more months to eligible subscribers to opt for higher pension under EPS-95.
The court had also struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 per cent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly.
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The EPFO circular had also provided for the higher pension option for those eligible subscribers who either contributed on actual wages higher than Rs 5,000 or Rs 6,500 per month prevalent threshold pensionable salary or exercised their option for higher pension or their request for higher pension was declined by EPFO authorities before the amendment to EPS-95 in 2014.
The eligible subscribers would have to apply jointly with their employer for the enhanced benefit in the application form prescribed by the commissioner and all other required documents like joint declaration etc..
There are three schemes run by the EPFO for the employees engaged in the industries and establishments. EPF Scheme, Pension Scheme (EPS) and Insurance Scheme (EDLI) are the three schemes which cover employees under the PF and pension coverage.
(With PTI inputs)
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