After the recent Supreme Court ruling, there was a huge confusion among many EPF subscribers regarding eligibility. To avoid all the confusion, recently EPFO released a circular where it is clearly mentioned the eligibility for EPS higher pension.
In this article, I am just concentrating on the eligibility for EPS higher pension rather than other things. Mainly because EPFO has to still clear many doubts and I hope that soon we will get the notification in this matter.
The notification is lengthy. However, to simplify your life, I am highlighting the important points.
Eligibility for EPS Higher Pension
Let us concentrate on the three major conditions of this notification. Let me share the notification here.
Now, let me simplify the above lines for your understanding. Do remember that all these three conditions should be fulfilled.
# As you may be aware that there are few employers who restrict their contribution only to 12% of your salary (Basic+DA) or 12% of your actual salary (Basic+DA). If your employer had contributed 12% of your actual salary, then only you are eligible for a higher pension.
# During the 1st Sept 2014 amendment to EPS, there was a provision to give a joint declaration for higher pension. Those who gave a joint declaration during that time or not, are all by default eligible for higher pension. (Para 11(3)).
# You must be a member of EPF before 1st Septmber 2014 and also after 1st September 2014. If you are retired from employment or withdrew your EPS before 1st September 2014, then you are not eligible for the same.
There is still a lot of clarification to be required like the form to be filled and also the amount to be transferred. We have to wait for EPFO clarity in this regard. As of now, you may get clarity about the eligibility for EPS higher pension.