The Employees’ Provident Fund Organization extended the deadline to June 26 for those applying for more pension in the Employees’ Pension Scheme. Sometime ago, a circular was issued by EPFO on how the EPS contribution and interest earned would be assessed.
The past due amount will be transferred to the Employees’ Pension Scheme (EPS) account if there is sufficient balance in the Employees’ Provident Fund account. Pensioners and employees will need to access funds from their bank accounts to meet any shortfall. Once the application for higher pension is approved by EPFO, it will be transferred or credited from EPF to EPS account. But the interest will be withdrawn from the EPF account.
When the entire outstanding amount will be calculated. So as per the EPFO circular, the field office will inform the pensioner or employee about the amount due and any money that needs to be re-deposited or deleted from the EPF account. The pensioner or employee shall be informed by the former or present employer.
They will get information from EPFO about any dues paid by their past or present company or organization. The amount to be transferred from EPF account to EPS account will also be disclosed in additional details. For transfer of account, written permission of the employee has to be obtained. After this, the amount of outstanding contribution along with interest will be deducted from the PF balance first.
How to deposit
- Through any online facility provided by EPFO.
- by check
- All the following information should be available on the back of the cheque-
- Application ID
- UAN/PPO Number
- name and mobile number
- Demand notice number and date