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How much to pay to get higher EPF pension?

The Employees’ Provident Fund Organisation (EPFO) has issued a circular on April 23, 2023, elaborating on the details employees and employers must submit with the pension fund body to opt for higher pension. The circular issued by regional PF commissioner Aparajita Jaggi, says applications and joint options for higher pension will be scrutinised by its field officers.

“In case the requirements are complete, the wage details submitted by the employer will be verified with the data available with the field officers,” the circular said. In cases where details provided by the filed officers match with the details provided by the employer, dues will be calculated and an order will be passed for depositing/transferring of the dues, it added. In case of a mismatch, the EPFO will inform the employer and employee about this and give them a month’s time to rectify the mismatch.

In case the submitted application form/joint options are not approved by the employer, they will be given a month’s time to rectify any errors and provide additional evidence, the circular added.

The Supreme Court in its order on November 4, 2022, had mandated the EPFO to provide 4 months to all eligible members to opt for higher pension. The option to avail higher pension by the existing employees is open till July 11, 2023.

In cases where the submitted information is not complete or seems erroneous or any information in application/joint option form needs correction or not found eligible, the assistant provident fund commissioner/ regional provident fund commissioner will ask employers to provide the details within one month. If the details are not received with this period, the officer will pass an order based on the merit of the case.

The pension fund body also said that any grievance by the applicant can be registered on the EPFiGMS portal after submission of his request form and payment of due contribution.

“The registration of such grievances shall be under specified category of higher pension with reference to the Supreme Court judgment Dated November 4, 2022. All Such grievances shall be addressed and disposed of at the level of the nominated officer, and monitored by regional and zonal office in-charge,” the circular read.

 

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

 

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