Applications for Validation of Option / Joint Options – Method of Computation of Pension: EPFO

Applications for Validation of Option / Joint Options – Method of Computation of Pension: EPFO Order dated 01.06.2023

EMPLOYEES PROVIDENT FUND ORGANISATION
MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA
Bhasishva Nidhi Bhawan. 14. Bhikaiji Cama Place, New Delhi-110066

No. Pension/SC/HigherPension/2022 / 1357

Date: – 01.06.2023

To,

All Addl. CPFCs, Zonal Offices.
All RPFCs / OICs, Regional Offices.

Sub: Applications for Validation of Option / Joint Options — Method of Computation of Pension – Reg

Madam/ Sir,

Please refer to the Circular No. Pension/SupremeCourtjudgement/POHW/2022/143 dated 09.05.2023 regarding “Deposit / Transfer of due contribution with interest into Pension Fund” wherein it was informed in Para 14 that the method of computation of Pension will follow through subsequent circular.

2. In this regard, the matter of method of computation of Pension has been considered and it is informed that, as for now, the computation of pension shall be in accordance with the provisions of Employees’ Pension Scheme(EPS), 1995 as follows:-

i. Cases found eligible for pension on higher wages where date of commencement of pension is prior to 01.09.2014: Pension shall be calculated based on average monthly pay drawn during contributory period of service in the span of 12 months preceding the date of exit from the membership of the pension fund.

ii. Cases found eligible for pension on higher wages where date of commencement of pension is post 01.09.2014: Pension shall be calculated based on average monthly pay drawn during contributory period of service in the span of 60 months preceding the date of exit from the membership of the pension fund.

[This issues with the approval of CPFC.]

Yours faithfully,

Aprajita Jaggi
Regional P.F. Commissioner-I (Pension)

Source: EPFO