The EPFO has allowed subscribers to go beyond the pensionable salary capped at Rs 15,000 a month on which employers deduct a sum equal to 8.33 percent of the ‘actual basic salary’ towards pension under EPS. Know more here
The Employees' Provident Fund Organisation (EPFO) has taken steps to provide greater clarity on the process of claiming higher pensions. It has released guidelines for computing the increased pension amount. Furthermore, the EPFO has outlined the necessary documents to be submitted in cases where the subscriber is unable to furnish a joint request under para 26(6) of the EPF scheme, which pertains to the announcement of higher pensions by the EPFO.
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To facilitate the application for higher pensions under the Employees' Pension Scheme (EPS), the retirement fund body has allowed employers and subscribers to jointly apply for this benefit. The deadline for submitting these joint applications is June 26, 2023. However, the procedure for submitting such joint applications by employees can be complex, primarily due to a mandatory requirement in the form that demands details regarding the option under para 26(6) of the Scheme, 1952.
So, how to calculate high pension on actual salary?
As per EPFO's circular, the formula for the calculation of higher pension will be different for those retiring before September 1, 2014, and those retiring after this date.
EPFO eases high pension rules: Check formula for calculation, list of documents, more - CNBCTV18
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