Employees’ Provident Fund Organisation (EPFO) on Monday further extended the deadline for employees to choose a higher pension under the Employee Pension Scheme (EPS).
‘Last opportunity of 15 days is being given to remove any difficulty faced by the eligible pensioners/ members. Accordingly, the last date for submission of Applications for Validation of Option / Joint Options by employees is extended to 11.07.2023’, Ministry of Labour & Employment’s release said. According to EPFO, many representations have been received from Employers & Employers’ Associations wherein requests have been made to extend time period for uploading wage details of applicant pensioners / members. As a result, ‘the employers are being given further period of three months to submit wage details etc. online latest by 30.09.2023’, the release said.
Similarly, the release noted that ‘Any eligible pensioner / member who on account of any issue in updation of KYC, faces difficulty in submitting online Application for Validation of Option / Joint Option, may immediately lodge such grievance on EPFiGMS for resolution’. The grievance may please be submitted by selecting the grievance category of ‘ Higher Pensionary benefits on higher wages’, it added. ‘We are happy and complement EPFO for three months time for employers and also 15 days for employees. EPFO once again proves to be considerate and compassionate to field issues’, said Raghunathan KE, Member representing Employers, Central Board of Trustees, EPFO.
Earlier, reports said many are facing technical difficulties in the application process. EPFO’s communication comes at this juncture. EPFO on its website introduced an ‘Excel utility’ to calculate the additional amount payable for a higher pension. This tool allows individuals to assess the payment required for an enhanced pension and the corresponding benefits they would receive. However, there still exists some ambiguity over the matter.
In a significant ruling on November 4, the Supreme Court granted employees who were existing members of the Employees’ Pension Scheme (EPS) as of September 1, 2014, the opportunity to contribute up to 8.33% of their actual salaries towards their pension. This is in contrast to the previous provision of 8.33% of pensionable salary, which was capped at Rs 15,000 per month. Although the initial deadline for exercising the higher option was March 3, 2023, EPFO delayed releasing the procedure details. It later opened the application process with a May 3 deadline. This was extended to June 26.
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