EPFO members can apply for enhanced pension benefits till May 3; check details

Key Highlights:

• Eligible members now have the option to opt and apply jointly with their employers for higher pension till May 3, 2023
• Earlier, there were speculations that March 3, 2023 is the last date for opting for higher pension
• Last week, retirement fund body EPFO came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under Employees' Pension Scheme (EPS)

Eligible members now have the option to opt and apply jointly with their employers for higher pension till May 3, 2023 through the unified members' portal of the Employees' Provident Fund Organisation (EPFO) retirement fund body.

Earlier, there were speculations that March 3, 2023 is the last date for opting for higher pension.

Official EPFO website

The URL on the EPFO unified members' portal activated recently shows clearly that the last date for availing the option of higher pension is May 3, 2023.

Earlier, the Supreme Court in its order on November 4, 2022 had mandated the Employees' Provident Fund Organisation (EPFO) to provide four months to all eligible members to opt for higher pension.

The four-month period for opting for higher pension was to end on March 3, 2023 in view of apex court order. Thus, there were apprehensions among members that the deadline will end on March 3, 2023.

EPFO new procedure

Last week, retirement fund body EPFO came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under Employees' Pension Scheme (EPS).

In November 2022, the Supreme Court had upheld Employees' Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards EPS.

In an office order, EPFO had provided for dealing with the "Joint Option Form" by field offices of the body. EPFO stated that "a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put adequate notice on the notice board and banners for wider public information".

(With PTI inputs)

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