Financial ExpressMar 3EPFO higher pension link online: Who should apply and who should not?The link to apply for EPFO’s h igher pension option is now available online. As per the Supreme Court judgement and a recent EPFO circular, the higher pension option is applicable for individual members who have been contributing since before September 1, 2023.Currently, 8.33% of the contribution made by the employer goes towards the EPS account. However, as the maximum pensionable salary is capped at Rs 15,000, the monthly contribution to each EPS account is only Rs 1250 (8.33% of Rs 15,000) in most cases. Under the higher pension option, the EPS contribution amount will increase as employees will have the option to contribute 8.33% of the actual basic pay+dearness allowance. Read more at Financial Express
The link to apply for EPFO’s h igher pension option is now available online. As per the Supreme Court judgement and a recent EPFO circular, the higher pension option is applicable for individual members who have been contributing since before September 1, 2023.Currently, 8.33% of the contribution made by the employer goes towards the EPS account. However, as the maximum pensionable salary is capped at Rs 15,000, the monthly contribution to each EPS account is only Rs 1250 (8.33% of Rs 15,000) in most cases. Under the higher pension option, the EPS contribution amount will increase as employees will have the option to contribute 8.33% of the actual basic pay+dearness allowance. Read more at Financial Express
