My query is regarding the recent Supreme Court judgement on higher pension under the EPS which was earlier capped at max Rs 7,500/- month. I understand that if a retiring employee wishes to opt for full pension by transferring his entire EPF contribution of 8.33% to EPS, he is elgible for monthly pension which will be ½ of his last basic. Kindly help in providing clarity to this. My case is as follows: (1) I worked in Company A from 1982 to 2011 . I resigned in 2011 and while exiting from there, withdrew my total PF corpus. (2) Subsequently I worked overseas for 2 years. (3) I returned to India in 2013 and joined Company B and started a fresh PF account. (4) Subsequently, 2 years later, I switched to Company C , but continued with the same PF account in my new company also.
I will be retiring next month and would like to have clarity whether by surrendering the EPF corpus to EPS, will I be able to get higher pension and if yes, then what is the procedure to floow and which office should I approach. Please also advise, what approx. amount of last basic can I expect. My current (last) basic is Rs 3,00,000/- and in my new PF account (after returning to India) I have been a member since April 2013. Please also guide if this will be a wiser option rather than removing the corpus and investing fresh in other instruments.
Dear Juvin ji,
You may be eligible for higher pension.
You need to submit an application for this higher contribution to the EPFO through your current employer. The EPF regional office which administers your current EPF account has to be contacted.
Wiser or not? – Depends on your other current investments? total accumulated corpus till date for your retirement life, other sources of income etc.,
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