Good News for EPFO Pension Scheme Applicants, Deadline Extended till June 26

The Employees’ Provident Fund Organisation (EPFO) has extended the deadline to apply for higher pension till June 26, due to various requests received by the Ministry of Labour & Employment. The notification stated that the decision was made to provide a larger window of opportunity for eligible individuals to file their applications.

The Employees’ Provident Fund Organisation (EPFO) has extended the deadline to apply for a higher pension till June 26, to facilitate the process and ease out difficulties for pensioners and members. The decision was made after considering various demands received from employees, employers, and their associations. EPFO has also arranged for obtaining applications and made an online facility available to validate options and joint options as per the Supreme Court order dated November 4, 2022.

Also Read: India Is Now Europe’s Largest Supplier Of Refined Fuels

Till date, the EPFO has received over 1.2 million applications, while the online facility, which was scheduled to close on May 3, 2023, has been in use. In a previous order on November 4, 2022, the Supreme Court had directed the EPFO to provide a four-month window for all eligible members to opt for a higher pension.

In August 2014, the Employees’ Pension Scheme (EPS) amendment raised the pensionable salary cap to ₹15,000 a month and allowed members and employers to contribute 8.33% of their actual salaries towards EPS. This was upheld by the Supreme Court in November 2022. The EPFO has issued an office order to provide a joint option form for dealing with the new scheme and stated that a unique resource location (URL) will be provided for the facility. The regional PF commissioner will put up notices on notice boards and banners to inform the public once the URL is received.

EPFO has stated that each application for the joint option on higher salary will be registered and digitally logged, with a receipt number provided to the applicant. The office in-charge of the regional provident fund office concerned will examine each case and inform the applicant of their decision through email, post, and SMS. Furthermore, the aspirant can register them on the EPFiGMS grievance gate after submitting their common option form and paying any due benefactions, If there are any grievances.

In compliance with the Supreme Court order on November 4, 2022, EPFO has directed its field offices to offer eligible subscribers an option for a higher pension. This was stated in the order.

Also Read: GST Collection Reaches an All-Time High Of Rs 1.87 Trillion In April

According to a circular issued by EPFO on December 29, 2022, the central government has directed the implementation of the Supreme Court’s order. Moreover, the apex court’s order gave all EPS members six months to opt for the amended scheme as of September 1, 2014.

The circular also allowed eligible subscribers to choose the higher pension option if they had either contributed on actual wages higher than the prevalent threshold pensionable salary of ₹5,000 or ₹6,500 per month or had previously requested a higher pension which was declined by the EPFO authorities before the amendment to EPS-95 in 2014.

To apply for the enhanced benefit, eligible subscribers must jointly apply with their employer using the application form prescribed by the commissioner and provide all other necessary documents, such as a joint declaration.