What is EPFO’s new deadline to avail higher pension scheme
Explain the extension of the deadline till July 11 for applying for higher pension scheme by EPFO.
- The higher pension scheme is also called the Employees’ Pension Scheme-95 (EPS-95).
- The scheme allows the members to contribute for an additional five years and avail of a higher pension rate.
- Earlier, the deadline for the same was June 30, 2021.
- The decision to extend the deadline was taken due to the widespread pandemic and the difficulties it has caused.
- Members who have completed ten years of service and meet the eligibility criteria can apply for the scheme.
- Under the scheme, members who have retired can get a pension up to Rs. 7,500 per month, whereas the previous pension limit was Rs. 3,000 per month.
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a year ago