After the latest Supreme Court docket ruling, there was an enormous confusion amongst many EPF subscribers concerning eligibility. To keep away from all of the confusion, not too long ago EPFO launched a round the place it’s clearly talked about the eligibility for EPS larger pension.
On this article, I’m simply concentrating on the eligibility for EPS larger pension quite than different issues. Primarily as a result of EPFO has to nonetheless clear many doubts and I hope that quickly we are going to get the notification on this matter.
The notification is prolonged. Nevertheless, to simplify your life, I’m highlighting the details.
Eligibility for EPS Larger Pension
Allow us to consider the three main situations of this notification. Let me share the notification right here.
Now, let me simplify the above traces on your understanding. Do keep in mind that all these three situations must be fulfilled.
# As chances are you’ll remember that there are few employers who limit their contribution solely to 12% of your wage (Fundamental+DA) or 12% of your precise wage (Fundamental+DA). In case your employer had contributed 12% of your precise wage, then solely you might be eligible for the next pension.
# In the course of the 1st Sept 2014 modification to EPS, there was a provision to offer a joint declaration for larger pension. Those that gave a joint declaration throughout that point or not, are all by default eligible for larger pension. (Para 11(3)).
# You have to be a member of EPF earlier than 1st Septmber 2014 and in addition after 1st September 2014. In case you are retired from employment or withdrew your EPS earlier than 1st September 2014, then you aren’t eligible for a similar.
There may be nonetheless loads of clarification to be required like the shape to be crammed and in addition the quantity to be transferred. We have now to attend for EPFO readability on this regard. As of now, chances are you’ll get readability in regards to the eligibility for EPS larger pension.