The deadline for applying for higher pension under the Employees’ Pension Scheme ( EPS ) has been extended. Earlier, eligible members were given time till March 3, 2023 to apply jointly with employers to opt for higher pension, but now it has been extended to May 3, 2023.
This can be done through the Unified Members’ Portal of the retirement fund body Employees Provident Fund Organization ( EPFO ). The URL of the EPFO Unified Members Portal was recently activated which clearly shows the deadline for opting for higher pension as May 3, 2023. Employees got a big relief due to the increase of this deadline. Let us know here what is the matter of higher pension and what was the benefit of increasing the deadline for choosing this option.
What is this matter of higher pension
Under the Employees’ Pension Scheme, the contribution is fixed according to the salary up to Rs 15,000, that is, even if the basic salary becomes Rs 50,000, the contribution in EPS will be fixed from Rs 15,000 only. Due to this, very less money can be deposited in EPS, that is, pension can be made. Now this limit has been increased.
Last year on November 4, 2022, the Supreme Court said that on September 1, 2014, EPFO members can also take advantage of this higher pension option. For this, the court had asked EPFO to give four months time i.e. till March 3, 2023. Keeping this decision of the Supreme Court in mind, the EPFO issued a circular on February 20, 2023, making a provision to do it on the basis of basic salary of the employees instead of 8.33% deduction of the maximum salary of Rs 15,000.
What will be the benefit of increasing the deadline
There are a lot of documents to collect in order to opt for higher pension of EPFO. The deadline was March 3, 2023, so the employees who are eligible and want to opt for this option are in a scramble. However, now with the extension of the deadline, they have got more time to collect the documents.
what is the complete process
Eligible EPS member has to visit the nearest local EPFO office and fill the application. Apart from this, necessary documents have to be submitted. The application form for validation should also contain a disclaimer as mandated in previous government notifications. The data of every application will be digital and a receipt number will be given to the applicants.
Whatever decision will be taken after examining the applications for higher pension, it will be informed to the applicants through e-mail or post and SMS. As per the EPFO order, after filing the Joint Option Form and having any complaint regarding payment of due contribution, one can lodge a complaint on the grievance redressal portal EPFiGMS.