EPFO Higher Pension Scheme 2023: We are sharing the details about the EPFO Higher Pension Scheme 2023 in this article. The last date to fill out the EPFO Higher Pension Scheme is 26th June 2023. Make sure you properly check all the details in this section and if you feel like there is an error in this scheme keep track of the various critical details we have covered. The article has covered all the information including the EPFO Higher Pension Scheme Calculator which is very important for anyone who wishes to apply for this scheme. Make sure you check all the details and numbers twice and only then make a submission. The EPFO Higher Pension Scheme Form will be available only until the last date and this is your chance to get a higher pension.
The details which are covered under the EPFO Higher Pension Scheme are very technical. this scheme has many benefits for a lot of government employees who have been working since 2014. The requirements and the EPFO Higher Pension Scheme Eligibility are created to make sure that no one takes advantage of the scheme by unfair means. We are now going to check the details and share them with you to update you all the better about the scheme. The applicants can claim a joint account wherein they will receive a pension after retirement but only the ones who have applied for this scheme will be able to avail the benefits.
Keep reading this article to find out more about the scheme, calculator, and more.
EPFO Higher Pension Scheme 2023
|Name||EPFO Higher Pension Scheme|
|Deadline Extended by||Employees’ Provident Fund Organization (EPFO)|
|Last Date||23 June 2023|
EPFO Higher Pension Scheme 2023 Last Date
Your current pension amount is calculated based on your salary. From every government employee’s monthly wage, they face a deduction of 12% which is ideally the number that decides all the details with regard to the pension which is to be provided to all the people. Around 8% of this is provided to you as your pension after you get to retire. However, no matter how much amount you have saved up the cap is 15% for all the people. Thus, you will only be given a small amount even if your salary is very high. The scheme was clear and this is what has been followed for a long time.
With the EPFO Higher Pension Scheme, you get a chance to apply for an increased amount of pension the cap increases and this is not the same for everyone. So there are a lot of things you need to consider before applying under this scheme, firstly do you even see yourself as eligible, and secondly if your pension cap requires an increment.
The last date to apply for the EPFO Higher Pension Scheme is 26th June 2023, which is again an extended date and will not be extended again. So if you are yet to make an application do this right now!
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EPFO Higher Pension Scheme Calculator 2023
There are many small and big calculation errors that may end up causing you to make a mistake. There is a simple calculation method that you can follow if you are applying yourself and not with the help of an account person. The formula is your salary divided by 70. This salary will include only the monthly pensionable salary and pensionable service. Thus all the information you enter needs to be very particular and you need to be very particular in each and every detail that you submit in the form.
The first step is basically the calculation and if you believe that you will not be able to manage the submission yourself then we suggest that you do the needful in taking the help of either of the two options available. The first option is the calculators which are available online wherein you can enter your decided amount and calculate. The second option is the possibility of contacting a person who manages your tax submission and basically handles accounts who will do the needful in this regard.
EPFO Higher Pension Scheme Form 2023
The form is provided at the official site and must be filled by all the people who wish to take a step forward and make a submission. The submission is clearly very important for all the people and the need is to make sure that you will not be able to make a submission after 26th June. The link to the form will expire and the scheme will officially close after this date. This is basically a requirement every applicant must remember and go ahead right away if they have not filled out the form.
EPFO Higher Pension Scheme Apply
You can apply for the EPFO Higher Pension Scheme through the official site. The process is very simple and you need to simply make an application online. There is no need to go ahead and make a submission in the physical form. Usually work related to pensions is done at the EPFO office but this one task is simple and the accessibility is very simple. The department wants more people to come forward and make a submission. This is why they have made this provision of an online application.
EPFO Higher Pension Scheme Contribution to EPS
|Employee Status||Exercise of Joint Option||Eligibility for 8.33% of a Higher Salary’s Pension Contribution||Higher Pension Claim Mode|
|Employees in service as of 01- September-2014||Exercised joint option and rejected by the EPFO||Yes||By filing a higher pension claim application|
|Employees retired before 01- September-2014||Exercised joint option and rejected by the EPFO||Yes||By filing a joint option and higher pension claim application|
|Employees in service as of 01- September-2014||Not exercised joint option but contributing to EPS above the cap of Rs.5,000/Rs,6,500||Yes||By exercising the joint option within 03/05/2023|
|Employees retired before 01- September-2014||Not exercising a joint option||No||Not applicable|
All the details shared in this article have been provided to share with you the requirement to keep track of the scheme and the fact that the due date is so near. Make sure you do the submission and if there is anyone you know who should be making an application but has not been able to do so, then go ahead and take charge with their due permission.