EPS Pension Status : Employees’ Provident Fund Organization (Employees’ Provident Fund Organization) for the shareholders! The deadline for opting for higher pension has been extended. Now people willing to take advantage of more pension can apply for it till June 26. Online facility has been made available to ease the process. So far more than 12 lakh applications have been received. The online facility was to be available only till May 3, 2023. In fact, in November 2022, the Supreme Court had said to retain the Employees Pension Scheme 2014. In the EPS amendment made in the year 2014, it was said to increase the pension salary cap from Rs 6,500 to Rs 15,000 per month.
EPS Pension Status
EPS Pension Status
In August 2014, Employees’ Provident Fund Organization once again changed the rules of EPS. After which the limit of pensionable income was increased from Rs. 6,500 to Rs. 15,000 per month. Along with this the employees were given this option. That they can contribute to the Employees Pension Scheme according to their actual basic salary! For this they have to apply in their institute. Whereas if an employee does not apply for it! So his basic salary will be contributed to EPS according to the maximum limit of Rs 15,000.
To put it simply, irrespective of your income, your contribution to the pension fund will be taxed at the rate of 8.33% of Rs 15,000. If you look at it month-wise, you will have to contribute a maximum of Rs 1,250 every month and deposit the remaining amount in EPF.
Supreme Court gave this order regarding Employees Pension Scheme
In the year 2014, all the employees were given a time limit of 6 months to opt for this Employees Pension Scheme. Which was later extended for 6 months with some conditions. But then many employees filed an application in the Supreme Court that in 2014 pension scheme was done! The time given to understand the changes and choose the scheme is not enough! Due to lack of information, many employees could not take advantage of it. The Supreme Court had said in its order on November 4, 2022! That Employees’ Provident Fund Organization (Employees’ Provident Fund Organization) to choose higher pension option for all eligible members! Four months time will be given!
Employees’ Provident Fund Organization extended the deadline for application for pension
After the order of the court, the Employees’ Provident Fund Organization (Employees’ Provident Fund Organization) for more pension! The date of application was extended for four months. This period of four months is ending on March 3, 2023! Because of this news was coming that its deadline is March 3, 2023! After which the Employees Pension Scheme! Under EPFO subscribers can apply to get higher pension EPFO Higher Pension Scheme by May 3, 2023!
Employees Pension Scheme How beneficial is the option of more pension for the employees?
How beneficial is this Employees Pension Scheme for you! To understand whether you should choose it or not! BQ PRIME spoke to Pankaj Mathpal, Founder & CEO, Optima Money Managers, what he has to say! That at present no clear information has been given by EPFO regarding pension calculation. In such a situation, the employees should decide keeping two things in mind while opting for this scheme. In which the first factor is this! That if the Employees’ Provident Fund Organization employee needs a lump sum amount after retirement! So the old pension scheme can be better for him!
Know this also: Public Provident Fund (PPF): How much interest is received in PPF account, see here all the information related to PPF