Financial Benefits and Risks of choosing a Higher Pension – English
Tamil
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உயர் பென்ஷன் – விண்ணப்பிப்பது எப்படி? முழு விவரம் How to Submit Application for Higher Pension
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Higher Pension application portal link
Sample Permission letter under para 26(6)
What you must know on Higher Pension- EPFO Circular 20/02/2023 – Members who joined before 01/09/2014 and continue in job or retired after 01/09/2014
English
Tamil
How to apply EPFO Higher Pension? full details in English (retired before 01/09/2014)
How to apply EPFO Higher Pension? full details in Tamil (retired before 01/09/2014)
EPFO circular Dated 29/12/2022
EPFO Circular dated 29/12/2022 – details in Tamil
EPFO Circular dated 29/12/2022 – details in English
Supreme Court Judgement dated 04/11/2022 – details in Tamil
Supreme Court Judgement dated 04/11/2022 – details in English
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The Employees’ Provident Fund Organisation (EPFO) has recently released a circular regarding the Higher Pension under the Employees’ Pension Scheme (EPS) 1995. The circular has created quite a stir among the employees and has been the talk of the town ever since its release.
The Higher Pension scheme proposed by the EPFO is aimed at providing a higher pension amount to the employees who have completed more than 20 years of service under the EPS. The scheme will benefit more than 20 lakh pensioners and is expected to have an impact of around Rs. 4,000 crore per year on the pension liabilities of the EPFO.
The scheme has been made possible due to the Supreme Court’s judgement in the Seshadri case, in which the court had directed the EPFO to provide higher pension amounts to the employees who have completed more than 20 years of service.
The circular issued by the EPFO outlines the eligibility criteria for availing the Higher Pension scheme. According to the circular, the employees who have completed more than 20 years of service and have retired on or after September 1, 2014, are eligible for the scheme. The employees’ pensionable salary will be calculated based on the average of the last 60 months of their service and the pension amount will be based on the formula given in the EPS.
The scheme has been received positively by the employees and has been seen as a great move by the EPFO. The employees have been demanding a higher pension amount for a long time, and this scheme is expected to bring relief and happiness to the pensioners.
In conclusion, the Higher Pension scheme proposed by the EPFO is a great move towards providing a better livelihood for the employees who have dedicated more than 20 years of their lives to serve their companies. The scheme is expected to bring relief to the pensioners and will ensure a better future for them. The EPFO should be applauded for taking such an initiative, and it is hoped that the scheme will benefit the employees in the long run.
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