The Employees’ Provident Fund Organization (EPFO) has issued a round in regards to the Supreme Court’s November 4 order, by which the apex court docket declared as ‘criminal and legitimate’ the provisions contained beneath the Employees’ Pension Amendment (Scheme), 2014, and in addition learn down positive provisions of the scheme.
Also learn | Employees’ pension scheme: SC holds revisions as criminal, reads down positive laws
In the round (dated December 29), EPFO has laid down the phrases and prerequisites for a subscriber to get upper pension, and the way the ones eligible can follow for a similar. The round additionally said that the apex court docket’s directions will probably be carried out inside a length of 8 weeks.
Who all are eligible for upper pension?
According to the discharge, those subscribers are eligible to obtain upper pension:
(1.) Members who, as workers, contributed on wage exceeding the-then salary ceiling of 5,000 or 6,000.
(2.) Members who exercised the joint possibility beneath the Employees’ Pension Scheme (EPS) of the pre-amendment scheme, whilst being individuals of EPS-95.
(3.) Those whose workout of such an possibility was once rejected by way of EPFO.
(4.) Employees who retired sooner than September 1, 2014, upon exercising this selection beneath paragraph (3) of the 1995 scheme.
How to use for upper pension?
Those eligible will have to seek advice from the regional EPFO administrative center with correct paperwork and put up their programs on this regard. To achieve this:
(1.) The commissioner shall specify the shape and way by which the request is to be made.
(2.) The software shape will have to point out the disclaimer, as recommended within the executive notification.
(3.) For readjustment from provident fund (PF) to pension fund, and, if any, redeposit to the fund, the pensioner must give his/her consent within the shape.
(4.) The trustee shall put up an endeavor in case budget are being transferred from the exempted provident fund to pension fund.
(5.) For depositing such budget, the process getting used will apply via next circulars.