EPFO Issued new Higher Pension Circular for Documents and Pension Computation
The circular also explains what papers can be submitted if one is unable to submit a joint request under paragraph 26(6) of the EPS-95 scheme.
EPFO Issued new Higher Pension Circular for Documents and Pension Computation
Employees’ Provident Fund Organisation (EPFO) issued a new circular on 14.06.2023 comprising the list of documents to be submitted for claiming higher EPS-95 & pension computation technique with the goal of providing more clarity on how to claim a higher pension.
The circular also explains what papers can be submitted if one is unable to submit a joint request under paragraph 26(6) of the EPS-95 scheme.
Circular 1 on the Pension Computation Method
Who retired before September 1, 2014: The pension computation will be based on the average monthly salary drawn throughout the contributed term of service for the 12 months preceding the date of retirement, i.e. the date of withdrawal from the pension fund’s membership.
Who retired on or after September 1, 2014: The pension will be calculated using the average wage earned over a contributing period of service in the 60 months before the date of retirement.
Circular 2 on the List of Documents to be Submitted
“Whereas a situation has arisen where joint request/ undertaking/ permission under Para 26(6) are not readily available with most of the applicants who have filed Applications for Validation of Option / Joint Options covered under Hon’ble Supreme Court judgement dated 04.11.2022,” according to the new circular dated June 14, 2023.
As a result, only applicants who are otherwise entitled for pension on higher salaries as per the orders of the Hon’ble Supreme Court judgement of 04.11.2022, may be subjected to the following scrutiny regarding Para 26(6):
Field Offices will verify that
- Employer share of PF contribution has been remitted on employee’s pay exceeding the prevalent statutory wage ceiling of Rs 5,000/6,500/15,000 per month from the day the pay exceeded the wage ceiling or 16.11.95 whichever is later, till date/ till the date of retirement or superannuation as the case may be; and
- Administrative charges payable by employer have been remitted on such higher wages; and
- Provident Fund account of employee has been updated with interest as per Para 60 of EPFS,1952 on the basis of such contribution received; and
- Any of the following documents have been submitted along with Applications for Validation of Option / Joint Options as proof of joint option and permission under Para 26(6).
- Wage information provided by the employer in conjunction with Applications for Validation of Option / Joint Options.
- Any salary slip or letter from an employer that has been authenticated by the employer
- Copy of joint request and employer undertaking
- Prior to 04.11.2022, a letter from the PF office showing PF contribution to higher pay was given.
The last date to apply for higher EPS pension is June 26, 2023.
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