Increase Your Pension with EPS: The Employees’ Provident Fund Organization (EPFO) has announced an extension of the deadline until June 26 for individuals seeking to apply for a higher pension under the Employees’ Pension Scheme (EPS). Recently, a circular was issued by EPFO, providing guidelines on how the EPS contribution and accrued interest will be evaluated.
If there is a sufficient balance in the Employees’ Provident Fund (EPF) account, the overdue amount will be transferred to the Employees’ Pension Scheme (EPS) account. In case of any shortfall, pensioners and employees will need to withdraw funds from their bank accounts to fulfill the requirements. Once the application for higher pension is approved by EPFO, the amount will be transferred or credited from the EPF to the EPS account, while the interest will be withdrawn from the EPF account.
The EPFO field office will calculate the total outstanding amount and notify the pensioner or employee about any dues and adjustments needed in their EPF account. The pensioner or employee will receive this information from their former or current employer. They will also be informed about any payments made by their past or present company or organization.
The transfer of funds from the EPF account to the EPS account will be accompanied by detailed disclosure. Written permission from the employee is required for the account transfer. The outstanding contribution, along with interest, will be deducted from the PF balance in the first place.
How to deposit
- Through any online facility provided by EPFO.
- by check
- All the following information should be available on the back of the cheque-
- Application ID
- UAN/PPO Number
- name and mobile number
- Demand notice number and date
