EPFO told the right way to choose a higher pension

EPFO told the right way to choose a higher pension: If there is a mistake in the application form, you can make corrections for 1 month, know the complete details here

Apr 25, 2023 - 10:29
EPFO told the right way to choose a higher pension

Employees' Provident Fund Organization ie EPFO has issued a new circular regarding applying for higher pension under the Employees' Pension Scheme (EPS). Those applying for EPS are facing many problems, regarding which EPFO has issued a new circular. In the circular, EPFO has told that if you want more pension then what you have to do for that. Subscribers can apply till May 3 to get more pensions.
EPFO has given answers to the questions of the people in view of the real problems faced by them. He has told me what to do if someone fills out a joint application for a pension. What if I fill out the Joint Application Form incorrectly? What if the joint application form is rejected?
According to the circular, if you fill out a higher pension for a joint application, then after verifying the application with the EPFO office of your area, your salary details are verified with the details present in the EPFO portal. When the verification is done, EPFO will check the remaining money, after that it will proceed to transfer and deposit the order and you will then be selected for a higher pension.
If you fill out the joint application form wrongly and the details are mismatched, EPFO gives you one more chance in such a case. You have to give your correct details to EPFO in a month. In case of a data mismatch, EPFO informs the subscriber and gives one month's time to resend the correct details.
EPFO gives you a chance once before your application is rejected. So that you can correct your mistakes and apply again. On the other hand, if you do not give the correct information in a month, then EPFO itself can take the correct information from your employer and after that, your application is accepted.
Employees whose basic salary and DA is less than Rs 15,000 can apply for this. Apart from this, employees who were subscribers of EPF on or before September 1, 2014, can also apply.
Presently, the employer contributes to the Pension Fund equal to 8.33% of your salary, subject to a limit of Rs.15,000. The remaining 3.67% is his contribution to PF. If you apply for a higher pension, half of the employer's contribution to PF will go to the pension fund. That is, the employer's contribution to PF will come down to 1.835%.
A higher pension is broadly beneficial. Especially because people now live longer than ever before. If you want a bigger amount as PF along with retirement, then its investment may not generate as much income as you will need for a long time.

Muskan Kumawat Journalist & Writer