NEW DELHI: As the last date set by the Supreme Court for employees and pensioners who retired after Sept 1, 2014 to submit the joint options with EPFO to claim higher PF pension based on actual salary ends on March 3, the EPFO has approached the Labour Ministry seeking permission to extend the date for submission till May 4, 2023. The Ministry has taken the following decision on this matter.
All entitled members can opt and apply jointly with their employers for higher pension till May 3, 2023 at the unified members' portal of the retirement fund body EPFO. There were earlier concerns that March 3, 2023, would be the last day to opt a higher pension.
The URL on the Employees' Provident Fund Organisation (EPFO) unified members' portal activated recently indicates clearly that the last date for availing the option of higher pension is May 3, 2023.
The Employees' Provident Fund Organization (EPFO) was previously required by the Supreme Court's judgment of November 4, 2022 to give all eligible members four months to choose a better pension.
According to a ruling by the Supreme Court, the four-month window for opting for a higher pension was set to expire on March 3, 2023. Members were therefore concerned that the deadline would expire on March 3, 2023.
A procedure allowing subscribers and their employers to jointly apply for greater pension under the Workers' Pension Plan was released by EPFO last week.
The Employees' Pension (Amendment) Scheme 2014 was upheld by the Supreme Court in November 2022. The pensionable salary cap was increased by the EPS amendment of August 22, 2014 from Rs.6,500 to Rs.15,000. It also lets members and their employers to contribute 8.33 percent of their actual income (if they surpassed the cap) to EPS.
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