EPFO Deadline Extended: Eligible members can apply for an enhanced pension jointly with their employers until May 3 via the EPFO retirement fund body’s unified members’ portal. Previously, it was thought that March 3, 2023 was the final deadline for choosing a higher pension.
Official EPFO Website
The URL on the recently activated EPFO unified members’ portal clearly states that the deadline for availing of the option of higher pension is May 3, 2023.
Previously, on November 4, 2022, the Supreme Court directed the Employees’ Provident Fund Organisation (EPFO) to give all eligible members four months to choose a higher pension.
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According to the Supreme Court’s order, the four-month period for opting for a higher pension would end on March 3, 2023. As a result, members were concerned that the deadline would expire on March 3, 2023.
EPFO released a procedure last week that allows subscribers and their employers to jointly apply for higher pensions under the Employees’ Pension Scheme (EPS).
The Employees’ Pension (Amendment) Scheme 2014 was upheld by the Supreme Court in November 2022. The August 22, 2014 EPS amendment increased the pensionable salary cap from Rs 6,500 to Rs 15,000 per month, and allowed members and their employers to contribute 8.33 percent of their actual salaries (if they exceeded the cap) to EPS.
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EPFO had specified in an office order that the “Joint Option Form” would be handled by the body’s field offices. According to the EPFO “A facility will be provided, and the URL (unique resource location) will be informed as soon as possible. Once received, the regional PF commissioner shall post adequate notice on the notice board and banners for the benefit of the general public “.
Higher pension to eligible subscribers
According to the order, these instructions are being issued in accordance with a Supreme Court order issued on November 4, 2022. In accordance with the Supreme Court’s order, EPFO has directed its field offices to offer eligible subscribers the option of receiving a higher pension.
The central government has directed that the directions in the order be implemented, according to the EPFO circular dated December 29, 2022. The Supreme Court had given all EPS members six months from September 1, 2014, to opt for the amended scheme.
EPFO: How can EPS members apply for a higher pension?
EPS members who contributed salary in excess of the then-prevailing wage ceiling of 5,000 or 6,500.
Members who exercised a joint option under the pre-amendment scheme’s Employees’
Pension Scheme (EPS) while members of EPS-95.
EPFO rejected members who exercised such an option.
How to apply?
According to reports, eligible pensioners can apply for a higher pension by visiting their regional EPFO office with a completed application form and the required documents.
CNBC reported that in the case of a share requiring adjustment from the provident fund to the pension fund and, if necessary, re-deposit to the fund, the pensioner’s explicit consent will be given in the application form.
