After the latest Supreme Court docket ruling, there was an enormous confusion amongst many EPF subscribers concerning eligibility. To keep away from all of the confusion, just lately EPFO launched a round the place it’s clearly talked about the eligibility for EPS increased pension.
On this article, I’m simply concentrating on the eligibility for EPS increased pension slightly than different issues. Primarily as a result of EPFO has to nonetheless clear many doubts and I hope that quickly we’ll get the notification on this matter.
The notification is prolonged. Nevertheless, to simplify your life, I’m highlighting the details.
Eligibility for EPS Increased Pension
Allow us to consider the three main circumstances of this notification. Let me share the notification right here.
Now, let me simplify the above traces in your understanding. Do keep in mind that all these three circumstances needs to be fulfilled.
# As you could remember that there are few employers who limit their contribution solely to 12% of your wage (Fundamental+DA) or 12% of your precise wage (Fundamental+DA). In case your employer had contributed 12% of your precise wage, then solely you might be eligible for a better pension.
# Through the 1st Sept 2014 modification to EPS, there was a provision to provide a joint declaration for increased pension. Those that gave a joint declaration throughout that point or not, are all by default eligible for increased pension. (Para 11(3)).
# You have to be a member of EPF earlier than 1st Septmber 2014 and in addition after 1st September 2014. If you’re retired from employment or withdrew your EPS earlier than 1st September 2014, then you aren’t eligible for a similar.
There’s nonetheless numerous clarification to be required like the shape to be crammed and in addition the quantity to be transferred. Now we have to attend for EPFO readability on this regard. As of now, you could get readability concerning the eligibility for EPS increased pension.