EPFO Pension News: Now you are getting a chance to choose Higher Pension from EPFO. Today is the last date to choose it. If you do not select this option today, then you will not be able to take advantage of it.
There is big news for the job seekers. If you also want more pension then today is your last chance. You are being given a chance to get more pension from the government. Many types of facilities are provided to the job professionals and employees by the central and state government across the country. Now you are getting a chance to choose Higher Pension from EPFO. Today is the last date to choose it. If you do not select this option today, then you will not be able to take advantage of it.
Deadline has increased 2 times
The last date to apply for higher pension from Employees Pension Scheme (EPS) is ending today i.e. 26 June 2023. Earlier its last date was 3 March, which was extended to 3 May and then later it was extended till 26 June.
What is the advantage of higher pension?
If you also select the option of higher pension, then the amount you will get after retirement will decrease, but the amount of pension you will get every month will increase. Many experts believe that this pension scheme has both advantages and disadvantages. It is believed that if only a few years are left in your job, then you should focus on the lump sum amount. Apart from this, if there are still many years in the job, then you can select the option of higher pension.
Lumpsum amount may decrease
Let us tell you that if you select the option of higher pension, then by doing so, the amount of money received after retirement may decrease, but your monthly pension will increase. Experts believe that this scheme has both advantages and disadvantages. If you have a few years left in your job, then the employee’s focus should be on lump sum money.
How to apply for higher pension
->> For higher pension, first of all one has to go to the e-seva portal.
>> After that click on Pension on Higher Salary.
>> Now you will reach the new page where you will see 2 options.
>> Those who retire before September 1, 2014 will have to choose the first option.
>> Apart from this, if you are still doing the job, then you have to select the second option.
>> Details like UAN, name, date of birth, Aadhaar, mobile have to be filled.
>> Now OTP will come on your Aadhaar linked mobile number, it has to be entered.
EPFO had issued the circular
EPFO had informed that the shareholders and their employers can jointly apply for higher pension under the Employees Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees Pension Scheme, 2014. Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS. EPFO has issued a circular in this regard to its field offices.
