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EPF high pension FAQ: Deadline to end today, how to apply, list of documents and key details
Can I apply for EPF high pension? Is there any particular eligibility criteria?
Yes.
There is some criteria.
According to the EPFO circular, employees and employers who had contributed on salary exceeding the wage ceiling of Rs 5,000 or Rs 6,500 can avail this.
Also, employees and employers who did not exercise the joint option in the previous window while being EPS members are eligible for the same.
Employees who were members before September 1, 2014, and continued to be a member on or after that date can apply for high pension.
How can I apply for the high pension benefit?
The eligible subscribers can apply jointly with their employer for the enhanced benefit in the application form prescribed by the commissioner and all other required documents, like joint declaration and so on.
Can I calculate high pension on my salary? Is there a formula for the same?
There is a formula for calculating higher pension.
However, the same is different for those retiring before September 1, 2014, and for those retiring after this date.
For those who retired before September 1, 2014, the pension will be calculated on the basis of average monthly pay drawn 12 months prior to retirement (or exit from the pension fund).
For those who retired post this date, the pension will be calculated on the basis of average monthly pay during the 60 months immediately preceding the retirement.
At present, pension is calculated as being equal to pensionable salary (average of last 60 months’ salary) x number of years of contribution/70.
The EPFO has also released an Excel utility-based calculator to estimate dues that one must pay from their EPF balance or their own savings if necessary.
What documents will I require for submitting the request for high pension?
EPFO has provided a list of documents that an eligible employee is required to submit, along with the joint pension application form, to apply for a higher EPS pension.
The subscriber should have one of these: wage details submitted by the employer along with applications for validation of option/joint options, any salary slip/letter from employer authenticated by employer or copy of joint request and undertaking from employer.
Should I opt for EPF high pension? How can I benefit?
The benefit of the higher pension is not the same for all EPS members.
According to experts, employees should consider their retirement objectives and financial requirements before opting for a higher pension.
It must be understood that opting for a higher pension may not be a good enough option for those who intend to plan retirement early since the individual can only opt for EPS after completing 10 years of service and 58 years of age.
