Last day for higher pension: Here's how you can apply
Today is the last day to choose a higher contribution for the Employees' Pension Scheme (EPS). EPS can be beneficial when you do not have any regular income after retirement, like a personal pension or fixed income from investments or rent. The higher EPS pension can provide valuable financial support during your retirement years. Here's how you can apply.
Deadline has already been extended twice
The Employees' Provident Fund Organisation (EPFO) has extended the deadline twice to give more time to people. In May, the Ministry of Labour and Employment announced that the deadline for filing applications would be extended until June 26. This was done to ensure pensioners get enough time to submit their applications and to make the process easier for them.
Who can you apply?
Only employees who have contributed to the provident fund based on their actual salary, surpassing the set limit of Rs. 15,000, can qualify for the increased pension provided by the EPS. This implies that individuals who have contributed to the provident fund based on their actual salary, rather than the capped limit, are eligible to receive the advantages of the improved pension scheme.
Documents required
When filling out the online application form, make sure you have your important documents ready such as your Universal Account Number (UAN), Pension Payment Order (PPO) number (for pensioners), and evidence of payments made to the Employees' Provident Fund (EPF) account beyond the wage ceiling limit. Remember to gather these necessary documents beforehand to ensure a smooth and accurate completion of the form fill-up.
Here's how you can apply
Apply online through the EPFO portal. The portal provides step-by-step instructions for filling out the required information. Visit the Member E-Sewa portal and click on the "Pension on Higher Salary" option, and proceed to provide the necessary details like your UAN, Name, DOB, Aadhaar, mobile number, and captcha to obtain the Aadhaar-based authorization pin. Then submit the pin to validate your application.
Should you consider a higher contribution toward EPS?
If you don't want to worry about managing your retirement money, consider adding more to the EPS. But remember, putting more money into EPS means you will have less cash available in hand. However, if you can handle your short- and medium-term financial goals well even with a lower salary, considering a higher EPS contribution can be a good option.
