EPFO had issued a circular on 29 December 2022 regarding the implementation of the Supreme Court’s decision for the employees eligible for higher pension. According to the order given in November, a time limit of four months was fixed for this work, but now it has been changed and extended further.
The Employees’ Provident Fund Organization (EPFO) has extended this by amending the last date for applying for higher pension for the shareholders. Now applicants have time till 3 May 2023 to do this work. Earlier, the Supreme Court had said in its order on November 4, 2022 that all eligible members have four months to choose this option and its last date was March 3, 2023.
Time extended till May 3, 2023
According to PTI, the Employees Provident Fund Organization amended the last date on Monday. Under this, eligible members will now be able to apply for this on the Integrated Member Portal of the Retirement Fund Organization by May 3, 2023. It is also clear from the recently activated URL link on EPFO’s integrated member portal that the last date for opting for higher pension is May 3. The process of choosing the higher pension option under the Employees’ Pension Scheme (EPS) was released by the EPFO only last week.
Order was given in November 2022
According to the guidelines issued by EPFO for more pension option, now member and employer will be able to apply jointly under EPS. 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.
At present, pension is made on this basis.
Under the Employees’ Pension Scheme, the contribution to the pension fund is fixed according to the salary up to Rs. 15,000. This simply means that even if the basic pay of an employee becomes Rs.50,000, the contribution to EPS is fixed on the basis of Rs.15,000 only. Due to this the employee accumulates less in EPS and the pension B becomes less. Now this limit has been increased by giving them the option of getting more pension.
Every application will be registered
It has been said by the Employees’ Provident Fund Organization that every application for choosing the higher pension option will be registered. The application process will be completed by logging in digitally and the receipt number will be given to the applicant. The in-charge of the concerned Regional Provident Fund Office will examine the case applied for Combined Option with Higher Pension and provide information to the applicant through e-mail/post and later through SMS.
Process of offline application
- EPS member will have to go to his nearest EPFO office.
- All the relevant documents have to be submitted along with the application form.
- In the joint option, the option of disclaimer and declaration has to be selected.
- For making adjustments from PF to Pension Fund, the consent of the employee will be required in the joint form.
- The URL (Unique Resource Location) will be informed soon after the submission of the application.
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