The Staff’ Provident Fund Organsation (EPFO) has issued a round concerning the Supreme Courtroom’s November 4 order, through which the highest courtroom declared as ‘authorized and legitimate’ the provisions contained beneath the Staff’ Pension Modification (Scheme), 2014, and likewise learn down sure provisions of the scheme.
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Within the round (dated December 29), EPFO has laid down the phrases and circumstances for a subscriber to get increased pension, and the way these eligible can apply for a similar. The round additionally acknowledged that the apex courtroom’s directions can be applied inside a interval of 8 weeks.
Who all are eligible for increased pension?
In response to the discharge, these subscribers are eligible to obtain increased pension:
(1.) Members, who, as staff, contributed on wage exceeding the-then wage ceiling of ₹5,000 or ₹6,000.
(2.) Members who exercised the joint choice beneath the Staff’ Pension Scheme (EPS) of the pre-amendment scheme, whereas being members of EPS-95.
(3.) These whose train of such an choice was rejected by EPFO.
(4.) Staff who retired earlier than September 1, 2014, upon exercising this feature beneath paragraph (3) of the 1995 scheme.
Easy methods to apply for increased pension?
These eligible ought to go to the regional EPFO workplace with correct paperwork and submit their utility on this regard. To take action:
(1.) The commissioner will specify the shape and method through which the request is to be made.
(2.) The applying kind ought to point out the disclaimer, as instructed within the authorities notification.
(3.) For readjustment from provident fund (PF) to pension fund, and, if any, redeposit to the fund, the pensioner should give his/her consent within the kind.
(4.) The trustee will submit an endeavor in case funds are being transferred from the exempted provident fund to pension fund.
(5.) For depositing such funds, the strategy getting used will observe by means of subsequent circulars.