EPF Pensioners now have a new option for a higher pension, as per the directions of the Hon’ble Supreme Court judgment dated 04.11.2022. The number of beneficiaries will depend on eligible employees exercising a joint option. Pension payout quantum will depend on the number of eligible members opting for a higher salary pension. As of 09.03.2023, 1,20,279 joint option applications have been applied online at the Unified Portal of Employees’ Provident Fund Organization (EPFO).
As per EPFO instructions, joint options for a higher wage pension are only available to employees whose contributions exceeded the wage ceiling and did not exercise the para 11(3) option under the pre-amendment Employees’ Pension Scheme (EPS), 1995. The employees must have been members of EPS prior to 01.09.2014 and continued to be members on or after 01.09.2014.
New Option for Pension Increase for EPF Retirees – ईपीएफ पेंशनभोगियों के लिए उच्च पेंशन का नया विकल्प
GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
RAJYA SABHA
UNSTARRED QUESTION NO. 1847
TO BE ANSWERED ON 16.03.2023
NEW OPTION FOR HIGHER PENSION BY EPF PENSIONERS
1847. DR. JOHN BRITTAS:
Will the Minister of Labour and Employment be pleased to state:
(a) the total number of EPF beneficiaries on account of enabling the new joint option for higher pension as per the recent Supreme Court’s judgment;
(b) the quantum of monthly pension payout on account of the new pensioners in the higher option category;
(c) whether Government would consider granting an option to those employees, to enable them to contribute towards Pension Scheme on their own, where employers are not contributing on actual
salary; and
(d) if not, the reasons therefor?
ANSWER
MINISTER OF STATE FOR LABOUR AND EMPLOYMENT (SHRI RAMESWAR TELI)
(a) & (b): The total number of beneficiaries in accordance with the directions given in the Hon’ble Supreme Court judgement dated 04.11.2022 will depend upon the employees exercising joint option and the number of such employees who are eligible. The quantum of monthly pension pay out for such pensioners will depend upon the number of eligible members exercising the option for pension at higher salary. Till 09.03.2023, 1,20,279 applications/ joint options were applied online at Unified Portal of Employees’ Provident Fund Organisation (EPFO) by the employees.
(c): As per instructions issued by EPFO in accordance with the judgment of Hon’ble Supreme Court dated 04.11.2022, joint option for pension on higher wages is available to only those employees where employee’s and employer’s contributions were on actual salary exceeding the prevalent wage ceiling and who did not exercise joint option under the para 11(3) of the pre-amendment Employees’ Pension Scheme (EPS), 1995 (since deleted) while being members of the EPS, 1995 and were members prior to 01.09.2014 and continued to be members on or after 01.09.2014.
(d): No such provision exists in EPS, 1995.
Source: Lok Sabha Q&A
Latest Updates on EPF Pension:
- Increase in EPFO Pension – Minister Replied in Parliament on 5.2.2024
- Payment of advance against the Productivity Linked Bonus for EPFO Employees 2023
- Grant of Pay Structure in PB-2 | Fixation of Pay Clarification – EPFO
- Reduction in PF Contribution
- Productivity Linked Bonus Order for EPFO Employees
- EPF Interest Rate 8.15% – CBT
- New Option for Higher Pension by EPF Pensioners
- Clarification on Traveling Allowance During Disciplinary Proceedings – EPFO
- Minimum Pension under Employees Pension Scheme (EPS)
- Release of Death Relief Fund in COVID-19 deaths on the basis of the undertaking of eligible beneficiaries
- Extension of EPF contribution 24% for another 3 months
- Lower EPF rates to be applicable for salary months of May, June and July 2020
- 1.37 EPF Withdrawal Claim Settled in less than ten days
- EPFO admit Aadhaar as Valid Proof for Date of Birth
- EPFO Digilocker Portal: Digital Certificate for EPS Pensioners
- EPFO does not invest in shares and equities of individual companies
- PPF Interest Rate Oct 2019 – 7.9%
- 7th Pay Commission Latest News Today: 60 Days Bonus for EPFO Employees
- EPFO Introduces ‘View Pension Passbook’ Service for the Pensioners Through Umang App
- EPF Rate of Interest
- EPFO introduces a new facility for its members to link their respective UAN with Aadhaar online
- EPFO’s tie-up with Banks
- EPFO – Settle Death claims within 7 days
- EPF Member can withdraw 90% fund for purchase of house
- CBT recommends 8.65% interest on EPF
- Restriction on EPF withdrawal
- Relaxation in EPFO scheme
- Employees Under the Employees Provident Fund(EPF) to be Provided two Options
- EPFO Rerformance in September 2013
Leave a Reply