Since there are not many or any guaranteed return products available for long-term planning, EPFO provides a very practical and acceptable alternative.
Today, July 11, is the last day to apply for a higher pension under the Employees’ Pension Scheme (EPS). Through a press release on June 26, 2023, the Employees’ Provident Fund Organisation (EPFO) informed that the last opportunity of 15 more days was being given so that eligible pensioners and EPF members could apply for the pension scheme in time. Along with this, the EPFO provided time till September 30, 2023, for employers to upload wage details of the employees applying for the higher EPS pension.
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The labour ministry and EPFO have already extended the deadline three times, and it is very unlikely that the deadline will be extended further. If you want to get a higher pension, you can apply here.
Why you should choose an EPS pension plan
Retirement planning is as important as your other financial planning. Since there are not many or any guaranteed return products available for long-term planning, EPFO provides a very practical and acceptable alternative. The greater pension benefits offered by the EPS scheme give retirees the requisite financial stability and peace of mind about their retirement expenditures. This plan also enables us to adhere to the idea that saving comes before spending.
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A greater EPS pension may be advantageous if you don’t have any other reliable sources of income after retirement, such as a personal pension, annuity plan, or any other fixed passive income from investments, rent, etc. A bigger contribution is advised for you if you are unwilling to plan and manage your retirement money.
Steps to apply for EPS
Step 1: Visit the EPFO Unified Member portal, and click on the option ‘Pension on Higher Salary’. It would help if you visited the Member E-Swea portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/. There is an option for “Pension on a Higher salary”. Click on it.
Step 2: Fill in all the details and submit the form. Exercise the online application to validate ‘Joint Option’, and fill in the requisite details.
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Step 3: You should keep your UAN number with you before starting. Fill in your Name, DOB, Aadhaar, mobile number, and captcha, and get the Aadhar-linked authorisation pin. You will then receive an OTP on your Aadhaar-linked mobile number, which you must submit for validation.
Step 4: After confirming your identity, you will be sent to the third level, where you must enter all your personal and PF-related information. The page often auto-fills information from EPFO. However, since EPFO’s digitalisation has recently occurred, if you have had employment with previous companies, all of your EPF accounts might not be included. Therefore, if information is supplied, you must manually enter all of the PF details.
