EPFO Pension Increased – Good News for Employee Pension Scheme 2023

Employee Pension Scheme 2023: There is good news for the employees working in the organized sector. Because the Provident Fund Organization (EPFO) has planned to increase the pension of such pensioners.

Whose retirement has been done till 31 August 2014. Let us tell you that in December 2022 itself, a circular was issued by EPFO. In which it was said to increase the pension of some pensioners. It is being told that there is a plan to implement the circular in the month of February itself.

Guidelines of EPFO 2023

​​According to the guidelines provided by the Provident Fund Organization, members created after September 1, 2014 will now get a chance to deposit an amount equal to 8.33 percent of their actual salary in EPS. The maximum limit of which has been kept by the organization is 15000 rupees. Let us tell you that such employees who have contributed for pension on 5000 or more while in the job will get the benefit. Along with this, while being a shareholder of the organization, the joint option of the pre-amendment scheme has been used.

This is the method of applying for more pension.

If you are a subscriber of EPFO ​​and fulfill the above eligibility, then you have to go to the nearest office. After this, the officer of the Pension Department will have to fill the application form by referring to the new guidelines. In which necessary details have been sought. After filling, they will have to submit the hard copy of their Aadhaar card and PAN card to the department. After this, you will be informed through a message whether you will get the benefit of higher pension policy or not.

What is EPF scheme and how to calculate PF balance?

As an employee working in a corporate set-up, there are several things one would like to know about the Employees Provident Fund (EPF). EPF is the main scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The scheme is managed under the aegis of Employees’ Provident Fund Organisation (EPFO).

It covers every establishment in which 20 or more people are employed and certain organisations are covered, subject to certain conditions and exemptions even if they employ less than 20 persons each.

As per the rules, in EPF, employee whose ‘pay’ is more than Rs 15,000 a month at the time of joining, is not eligible and is called non-eligible employee. Employees drawing less than Rs 15,000 a month have to mandatorily become members of the EPF. However, an employee who is drawing ‘pay’ above prescribed limit (currently Rs 15,000) can become a member with permission of Assistant PF Commissioner, if he and his employer agree.

Also Read Easiest Way of Check your PF Balance sitting at home