New Delhi: There is an important news for EPS members. The deadline given by the Employees’ Provident Fund Organization (EPFO) for employees who retired before September 2014 to opt for higher pension ended on Saturday. EPFO had given time to the subscribers who retired before September 1, 2014 to opt for higher pension. This deadline was for employees contributing to the Employees’ Pension Scheme (EPS), 1995. The Labor Ministry said in a statement that the option of applying for higher pension for retired EPS members was closed on March 4. EPFO has received 91,258 online applications from subscribers who retired before September 1, 2014.
However, EPFO has given time till May 3, 2023 to other contributors of EPS to opt for higher pension. For this, the subscribers have to apply jointly with their employer’s organization. In accordance with the decision of the Supreme Court on November 4, 2023, EPFO is giving the facility to the subscribers associated with the Employees Pension Scheme to opt for higher pension. In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014. Earlier, the EPS revision of August 22, 2014 raised the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, the members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS. What is Pension Augmentation Scheme? Will you benefit? Answers to all your questions here
What will need to be done
EPFO has issued a circular in this regard to its field offices. EPFO had said that such facility will be provided so that URL (Unique Resource Location) information will be given soon. After this, the Regional PF Commissioner will put up a proper notice and banner on the notice board so that it can be informed publicly. Under this each application will be registered and recorded digitally and will be given a receipt number. The in-charge of the Regional Provident Fund Office will review each joint option case. Thereafter, the applicant will be informed about the decision by e-mail/post and subsequently by SMS.
