The Employees’ Provident Fund Organisation (EPFO) has extended the deadline for accepting applications for higher pension under the Employees’ Pension Scheme, till May 3, 2023.
EPFO announced in a press statement on March 13, 2023 that employees who have retired before September 1, 2014, and have selected their option to receive the higher pension under the Employees’ Pension Scheme of 1995 (EPS 95), have until May 3 2023 to submit their applications, rather than the previous deadline of March 3, 2023.
“The Supreme Court had held that the employees who have retired before September 1, 2014 and had exercised option under paragraph 11(3) prior to their retirement shall be eligible for pension on higher wages. Instructions in this regard had been issued to field offices vide circular dated December 29, 2022 and January 5, 2023. Online facility for submitting applications for validation of joint options to the employees who retired before September 1, 2014 and had exercised joint options before their retirement had been provided on the EPFO website till March 3, 2023,” EPFO announced in an official statement on March 13, 2023.
“Now, on demand of the employees’ / employers’ associations the chairman, Central Board of Trustees has extended the time for submitting applications for validation of joint options from such employees till May 3, 2023,” the statement added.
Incidentally, EPFO has also published in a previous circular the rules and procedures by which employees can apply for a higher pension under EPS.
Only employees and employers who contribute on salaries exceeding Rs 5,000 or 6,500 can opt for higher contributions. They also need to be members of the EPFO prior to September 1, 2014 and should have continued as members thereafter.
According to the official circular released by EPFO previously, applications for higher pensions have to be submitted jointly by the employer and the employee at the regional office of the EPFO in the manner specified by the commissioner.
EPFO had also announced the URL in which such applications will be digitally logged. Upon logging, a receipt number will be provided to the applicants. The application will then be redirected into the employer’s login portal where a digital verification will be carried out for further processing. An e-file will also be generated which will be inspected to verify if the due amount had been received in the pension fund. The applicant will then be intimated through email and/or post.
EPFiGMS (grievance portal) can be used to register grievances after submitting the joint option form and paying due contributions, EPFO said in the circular.
“In case of employees of unexempted establishments, a refund of the requisite employer’s share of contribution shall be deposited with interest at the rate declared under Para 60 of the EPF Scheme. 1952, till the date of actual refund,” EPFO said in the circular, adding that the method of deposit and pension calculation will be notified in detail in a subsequent circular.
