EPFO Pension Deadline: Members of the Employees’ Provident Fund Organization (EPFO) can apply jointly with their employers till June 26, 2023, by choosing the option of higher pension (EPFO Higher Pension).
They will have to apply for this on the Unified Members’ Portal of the retirement fund body EPFO. Earlier, the last date for opting for higher pension was May 3, 2023, but EPFO has extended this last date to June 26, 2023. So far, EPFO has received more than 12 lakh applications for this.
The Supreme Court had given the order
Earlier, the Supreme Court had said in its order on November 4, 2022 that EPFO will have to give four months time to all eligible members to opt for higher pension. This four-month period is ending on March 3, 2023. This gave the impression that its deadline is March 3, 2023.
What will be the effect on pension?
EPFO had earlier released the complete details of this process. It was told that the shareholders and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014.
Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS.