For subscribers to the Employees’ Provident Fund Organisation (EPFO) who retired before September 1, 2014, the time to choose a higher pension expired on March 3, 2023. However, until May 3, 2023, other EPS members can still petition for greater pensions, according to a statement from the labor ministry.
Since February 27, the Employees’ Pension Scheme (EPS) participants have submitted up to 8,897 applications online to the EPFO in order to contribute pension on higher salaries under the EPS-95 plan.
Concerns concerning complications with choosing larger pensions online, such as documentation and a disclaimer for pension formula, had been raised by a number of subscribers and labor unions.
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According to the EPFO, it closed the option on March 4, 2023, for retired EPS members (before September 1, 2014, and whose alternatives were not previously examined). As of March 4, it had received 91,258 online applications from this group of personnel. From February 27, employees have been able to submit online applications for those who were EPF members as of September 1, 2014, and 8,897 members have done so, according to a statement from the labor ministry.
According to the statement, the EPF and EPS-95 plans need a joint request where employer and employee contributions are required for higher earnings.
The SC affirmed the position in the RC Gupta case, saying that this is a requirement for exercising the joint option on a higher wage under the EPS. This is not a brand-new criterion; it dates back to the EPS-95.
The joint option procedure, which is open for submission online until May 3, 2023, has been the focus of EPFO’s intense publicity efforts, the organization said.