Pension Hike Update: Apply for Senior Pension Scheme by June 26

Good news for pensioners! The central government has introduced a special facility for those who wish to get more pension. By using the Senior Pension Scheme, you can increase the money you receive every month. Here are the details:

Deadline to Apply: If you want to avail the benefits of the Senior Pension Scheme, you need to apply by June 26. So, you still have a few days left to apply for it. As of now, more than 12 lakh people have already applied for it.

EPFO’s Role: The Employees’ Provident Fund Organisation (EPFO) has made arrangements to ensure that its employees do not face any inconvenience. In line with this, the Senior Pension Scheme was introduced. The Supreme Court passed a landmark judgment on Senior Pension on November 4, 2022, and asked individuals to choose a new option within four months.

Advantages and Disadvantages: If you opt for a higher pension option, the lump sum amount you receive after retirement may decrease. However, your monthly pension will increase. Experts suggest that the scheme has both advantages and disadvantages, and employees with only a few years of tenure should focus on the lump sum.

How to Apply: To apply for a higher pension, you need to visit the e-seva portal and click on Pension on Higher Salary. You will then be directed to a new page where you will be presented with two options. If you are retiring before September 1, 2014, choose the first option, and if you are still employed, choose the second option. Fill in the necessary details like UAN, Name, Date of Birth, Aadhaar, and Mobile Number. An OTP will be sent to your Aadhaar-linked mobile number, which you need to enter to complete the application process.

EPFO’s Process Details: Last week, EPFO released its process details, stating that shareholders and their employers/companies can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In August 2014, the EPS amendment raised the pensionable salary limit from Rs 6,500 to Rs 15,000 per month. Members and their employers were also allowed to contribute 8.33 percent of their actual salary to EPFs. EPFO has issued a circular to its field offices regarding this scheme.

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