Employees' Pension Scheme 1995 Higher Pension Option Form
This document is the Higher Pension Option Form under the Employees' Pension Scheme 1995. It allows employees to opt for a higher pension based on their full salary. The form includes authorization for the employer to divert a portion of the salary to the pension fund.
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How do I fill this out?
To fill out the EPS 1995 Higher Pension Option Form, you will need to provide personal and employment details, authorize your employer to allocate contributions, and submit necessary signatures. Make sure to read all terms and conditions before submitting. This introduction provides a brief overview of what is required.
How to fill out the Employees' Pension Scheme 1995 Higher Pension Option Form?
1
Begin by entering your personal details including name and EPF number.
2
Specify your employment details and confirm your employer's contributions.
3
Authorize your employer to divert a portion of your salary to the pension fund.
4
Read and agree to the terms and conditions governing the higher pension option.
5
Sign the form and get it countersigned by your controlling officer.
Who needs the Employees' Pension Scheme 1995 Higher Pension Option Form?
1
Current employees who have been contributing to EPS on a salary exceeding ₹6500/- or ₹15,000/- per month need this form to opt for a higher pension.
2
Retired employees who contributed to EPS on higher wages after 01.09.2014 need this form for the higher pension option.
3
Employees of PCK Ltd who want their EPF contributions to be redirected to the Pension Fund need this form.
4
Any employee who wants to authorize their employer to allocate 8.33% of their salary exceeding the statutory wage ceiling needs this form.
5
Employees who agree to the terms and conditions and wish to exercise the option for higher pension irreversibly need this form.
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What are the instructions for submitting this form?
Submit the completed form to your employer for processing. Ensure all signatures are in place. You may submit this form via email, fax, or by hand, depending on your employer's requirements and preferences. Check submission deadlines to avoid missing out on the higher pension option. For further details, contact your HR department or employer's payroll team.
What are the important dates for this form in 2024 and 2025?
Ensure to submit the form before the end of the fiscal year. Check with your employer for specific submission deadlines in 2024 and 2025.
What is the purpose of this form?
The purpose of the EPS 1995 Higher Pension Option Form is to enable eligible employees to opt for a higher pension based on their full salary instead of the statutory wage ceiling. This form is essential for employees who wish to make the most out of their pension contributions and secure a higher pension amount upon retirement. By allowing this option, employees can authorize their employers to allocate a higher proportion of their salary to the pension fund.
Tell me about this form and its components and fields line-by-line.
- 1. Employee's Personal Details: Includes the name, EPF number, UAN number, and PPO number.
- 2. Employer's Details: Includes the name and signature of the authorized signatory from the employer company.
- 3. Authorization and Consent: Section for the employee's authorization to divert part of the salary to the pension fund and agree to terms and conditions.
- 4. Signatures: Includes the employee's signature, controlling officer's counter signature, and certification by the employer.
What happens if I fail to submit this form?
Failure to submit this form may result in the employee not being able to opt for a higher pension and being limited to the statutory wage ceiling.
- Loss of Pension Benefits: Employees may lose the opportunity to receive a higher pension based on their full salary.
- Employer Contributions: Without the form, employers may not allocate the higher contribution to the pension fund.
How do I know when to use this form?
- 1. Current Employees: Employees currently contributing to EPS on higher wages can opt for higher pension.
- 2. Retired Employees: Retirees who contributed to EPS on higher wages after 01.09.2014 can avail this option.
- 3. Employees of PCK Ltd: Those working at PCK Ltd who want their EPF contributions redirected to the pension fund can use this form.
Frequently Asked Question
What is the purpose of the EPS 1995 Higher Pension Option Form?
The form allows employees to opt for a higher pension based on their full salary instead of the statutory wage ceiling.
Who can use this form?
Current and retired employees who have been contributing to EPS on higher wages can use this form.
How do I fill out the form?
You need to provide personal and employment details, authorize your employer to allocate a portion of your salary, agree to terms and conditions, and submit necessary signatures.
Can I edit this form online?
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Use the signature tool in the PrintFriendly PDF editor to add your digital signature.
Is it possible to share the filled form?
Yes, you can share the filled form via email or a shareable link using PrintFriendly’s share feature.
What happens after filling the form?
Submit the form to your employer for processing and ensure all information is accurate.
Are there any terms and conditions I need to agree to?
Yes, read and agree to all terms and conditions before submitting the form.
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