The EPFO circular said that employees who had contributed salary in excess of the erstwhile wage limit of Rs 5,000 or Rs 6,500 and opted under EPS with the revised scheme while being a member of EPS-95, will be eligible for higher pension.
Employees’ Provident Fund Organization (EPFO) has given the eligible members the option to choose the Higher Pension option. The last date for this was fixed on May 3, which has now been extended. Giving great relief, EPFO has now set a new date of 26 June 2023 for choosing this option. This decision has been taken to enable all eligible persons to file their applications under this scheme.
12 lakh applications have been received so far
According to PTI, the Labor Ministry said in a statement that EPFO has made arrangements to receive applications from pensioners/members for verification of option/joint option on November 4, 2022, as per the order of the Supreme Court. To simplify this process, online facility has been made available. So far more than 12 lakh applications have been received for choosing the higher pension option.
There was a demand to increase the deadline
As per reports, the online facility was to be available only till May 3, 2023, but in the meantime, several representations have been received to extend the deadline. In view of these, the issue has been considered and it has been decided to extend the earlier deadline to June 26, 2023 to give opportunity to all eligible persons and enable them to file applications. According to the Ministry of Labour, the time limit is being extended to facilitate the pensioners/members and to provide adequate opportunities to overcome any difficulties faced by them.
Deadline was extended earlier also?
On November 2022, the Supreme Court ruled that employees who were part of EPF before 01.09.2014 or on 01.09.2014 but could not apply for higher pension can choose the new option within four months. After this, the application deadline was extended to May 3, 2023.
Who will be eligible for higher pension?
The EPFO circular said that employees who had contributed salary in excess of the erstwhile wage limit of Rs 5,000 or Rs 6,500 and opted under EPS with the revised scheme while being a member of EPS-95, would be eligible for higher pension. Will be eligible for At the same time, for the increased benefit, the eligible member will have to apply jointly with his employer in the application form prescribed by the commissioner and all other necessary documents like joint declaration etc.
Let us tell you that on November 2022, the Supreme Court had upheld the Employees Pension (Amendment) Scheme 2014. The pensionable salary cap was increased from Rs 6,500 per month to Rs 15,000 per month by the EPS revision of 22 August 2014. Along with this, members and employers were also allowed to contribute 8.33% of their actual salary to EPS.
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