EPFO Higher Pension Scheme 2023

EPFO Higher Pension scheme 2023 | EPFO Higher Pension Apply Online 2023 | EPFO Higher Pension Yojana 2023 Full Details

EPFO (Employees’ Provident Fund Organisation) provides a pension scheme for its members called the Employees’ Pension Scheme (EPS). The EPS scheme is a defined benefit pension scheme that provides retirement, survivor, and disability benefits to eligible employees.

The Employees’ Provident Fund Organisation (EPFO) Higher Pension Scheme was started by the Indian Government to provide better retirement benefits to eligible employees. The scheme was launched in 1995 and aims to provide a higher pension to employees who have completed at least 20 years of service and are 50 years of age or older.

EPFO Higher Pension Apply 2023

The scheme is funded through contributions made by both the employer and the employee. The employer contributes 8.33% of the employee’s salary towards the EPS scheme, and the employee contributes 12% of their salary towards the EPFO Higher Pension Apply, which includes a contribution towards the EPS scheme.

Highlights

Name	EPFO Higher Pension Scheme
Beneficiaries	Employees
Deadline Extended by	Employees’ Provident Fund Organization (EPFO)
Last Date	——
Official Website	https://unifiedportal-mem.epfindia.gov.in/memberinterface/

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The EPFO Higher Pension Scheme has helped provide financial security and stability to eligible employees in their retirement years. It has also encouraged more people to save for their retirement and has helped reduce the financial burden on the government by providing a source of income to retired employees. Overall, the scheme has been instrumental in improving the standard of living of retired employees and their families.

Benefits Of EPFO Higher Pension Apply

Here are some of the benefits of the scheme:

• Higher pension: The EPFO Higher Pension Scheme offers higher pension benefits to its members as compared to the regular pension scheme.
• Flexibility: Members can choose to opt for this scheme at any point in their service, provided they have completed at least 10 years of service.
• Increased contribution: Members who opt for the Higher Pension Scheme need to contribute more towards their EPF account, which in turn increases their pension benefits.
• No age limit: Unlike the regular pension scheme, the Higher Pension Scheme does not have any age limit for members to join. Members can opt for the scheme even after completing 58 years of age.
• Family pension: In case of the member’s demise, the scheme offers family pension benefits to the spouse and dependent children.
• Tax benefits: The contributions made towards the Higher Pension Scheme are eligible for tax benefits under Section 80C of the Income Tax Act.
• Portability: The scheme is portable, which means that members can transfer their pension benefits to their new employer’s pension scheme in case of a job change.
• Guaranteed return: The EPFO Higher Pension Scheme offers a guaranteed return on the contributions made by the members.

Eligibility Of EPFO Higher Pension Apply

Here are the eligibility criteria for the EPFO Higher Pension Scheme:

• Member of EPFO: The EPFO Higher Pension Scheme is available only to members of the Employees’ Provident Fund Organisation (EPFO).
• Completed 10 years of service: To be eligible for the Higher Pension Scheme, a member must have completed at least 10 years of service with their employer.
• Below 58 years of age: Members who are below the age of 58 years can opt for the Higher Pension Scheme.
• Contribution towards the scheme: Members who wish to avail of the benefits of the Higher Pension Scheme need to contribute a higher amount towards their EPF account. The contribution towards the scheme is 8.33% of the member’s basic pay and dearness allowance, subject to a maximum of Rs. 1,250 per month. The remaining amount is contributed towards the regular EPF account.

Considerations to make before Choosing a Higher Pension

Choosing a higher pension scheme is an important decision that requires careful consideration. Here are some considerations to make before choosing a higher pension:

• Financial goals: Before opting for a higher pension scheme, members should assess their financial goals for retirement. They should consider factors such as their lifestyle expenses, healthcare costs, and other expenses to ensure that they have enough funds to cover their retirement needs.
• Eligibility: Members should check the eligibility criteria of the higher pension scheme to ensure that they meet the requirements. They should also check the contribution amounts and the retirement benefits offered by the scheme.
• Risks and returns: Members should evaluate the risks and returns associated with the higher pension scheme. They should check the past performance of the scheme and assess the level of risk involved before making a decision.
• Portability: Members should also consider the portability of the scheme in case they change their job or employer. They should check if the higher pension scheme can be transferred to their new employer’s scheme.
• Tax implications: Members should also evaluate the tax implications of the higher pension scheme. They should check if the contributions made towards the scheme are eligible for tax benefits and if the pension benefits received are taxable.
• Financial advisor: Finally, members may consider seeking the advice of a financial advisor to help them make an informed decision based on their individual needs and financial goals.

How To Apply Online for EPFO Higher Pension Scheme

• Visit the official website of the Employees’ Provident Fund Organisation (EPFO) at www.epfindia.gov.in.
•  If you are a registered member, log in using your credentials. If you are not registered, you will need to register yourself to access the online services.
•  Once logged in, go to the ‘Online Services’ section and select the ‘EPF Member’ option.
• Select ‘Higher Pension Scheme’: Under the ‘EPF Member’ option, select the ‘Higher Pension Scheme’ option.
•  Fill in the application form with your personal and employment details, as well as your nominee details.
• Once you have filled in the application form, submit it online.
• If you opt for the Higher Pension Scheme, you will need to contribute a higher amount towards your EPF account. You can make the contribution online through net banking, credit/debit card or UPI.
• Once the EPFO receives your application form and contribution, you will receive an acknowledgement. The EPFO will then process your application and notify you once your Higher Pension Scheme is activated.

Formula for Calculating EPF Higher Pensions

The formula for calculating EPF higher pensions is as follows:

Pensionable Salary x Pensionable Service / 70

where:

• Pensionable Salary: The average of your basic salary and dearness allowance in the last 12 months of your employment.
• Pensionable Service: The number of years and months of your total service with the EPFO.
• 70: A constant factor used for calculating the pension amount.

The pensionable salary and service are subject to certain limits as per the EPFO rules. The maximum pensionable salary for the higher pension scheme is Rs. 15,000 per month, while the maximum pensionable service is 35 years.

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