Today, June 26, is the last date to complete the application for EPFO members to apply for a higher pension under the Employees' Pension Scheme (EPS). Earlier, the Supreme Court ordered that a one-time opportunity be given to eligible employees to opt for higher pension. This is, however, the last time EPF members can apply for a higher pension.
The pensionable salary was capped at Rs 15,000 per month. The SC order has allowed the retirement fund body has allowed employees to go beyond that amount.
The deadline for higher pension has already been extended twice. While extending the deadline for the second time in May, the Ministry of Labour and Employment said that to provide a larger window of opportunity and enable all eligible persons to file their applications, the timeline for filing applications would now be till June 26, 2023.
Initially, only government employees were eligible for pensions under the EPS scheme. The government later expanded the scheme, allowing those employed in the private sector to benefit from social security.
Those who were members of EPF and EPS as on September 1, 2014, and continued to be after that date are eligible for a higher pension from EPS. So are those who retired before September 1, 2014, and previously opted for higher pensions, even if their applications were rejected by the EPFO authorities.
The documents required for availing higher pension are the Universal Account Number (UAN), Pension Payment Order (PPO) number for pensioners, proof of payment made to the EPF account above the wage ceiling limit, etc.