EPFO members can apply for higher pension till May 3
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New Delhi : Employees’ Provident Fund Organization (EPFO) members will be able to opt for higher pension and apply for it jointly with their employers till May 3, 2023. They have to apply for this on the Integrated Member Portal of the Retirement Fund Organisation. Earlier it was believed that March 3, 2023 was the last date for opting for higher pension. The recently activated URL on EPFO’s Unified Member Portal clearly shows that the last date for opting for higher pension is May 3, 2023.
Earlier, the Supreme Court had said in its order on November 4, 2022 that EPFO would have to give four months time to all eligible members to opt for higher pension. This four-month period ends on March 3, 2023. This gave rise to an impression that its deadline is March 3, 2023. Last week EPFO released the details of its process. It was stated that the subscribers 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 raised 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. 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.
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