Provident fund latest news: The retirement fund body on Monday said all eligible members can now opt and apply jointly with their employers for higher pension till May 3, 2023. Earlier, there were speculations March 3, 2023, could be the last date for opting for a higher pension. Speculations were rife that March 3 could be the last date for opting for a higher pension as 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 a higher pension was to end on March 3, 2023, in view of the apex court order.
EPFO Higher Pension Scheme: Last Date
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.
EPFO Higher Pension Scheme: Who Can Apply?
- Employees and employers who had contributed on salary exceeding the wage ceiling of Rs 5,000 or Rs 6,500
- Employees and employers who did not exercise the joint option in the previous window while being EPS members
- Employees who were members before September 1, 2014, and continued to be a member on or after that date.
EPFO Higher Pension Scheme: A Step-by-Step Guide to Apply
- Eligible subscribers would have to apply jointly with their employer for the enhanced benefit in the application form prescribed by the commissioner and all other required documents like joint declaration etc.
- In the circular, the EPFO also provided for dealing with the ‘Joint Option Form’ by field offices of the body.
- Once the application form is submitted, the application will be dealt with as specified under the circular.
- EPFO stated that a facility will be provided for which the URL (unique resource location) will be informed.
- Once received, the regional PF commissioner shall put an adequate notice on the notice board and banners for wider public information.
- Each application will be registered, and digitally logged and the receipt number will be provided to the applicant.
Notably, employees who were members of EPS as on September 1, 2014, will get a chance to contribute up to 8.33% per cent of their actual basic salary, instead of 8.33% per cent of pensionable salary capped at Rs 15,000 a month, towards pension. “Undertaking shall be to the effect that due contribution along with interest up to the date of payment, will be deposited within the specified period,” the circular issued by the retirement fund read.
