The deadline to opt for a higher pension for the Employees’ Provident Fund Organisation (EPFO) subscribers, who retired before September 1, 2014, ended on March 3, 2023. However, other members of the EPS can still apply for higher pensions till May 3, 2023, a labour ministry statement said.
The EPFO received as many as 8,897 applications from members of the Employees’ Pension Scheme (EPS) online for contributing pension on higher salary under the EPS-95 scheme since February 27.
Several subscribers and trade unions had flagged concerns about issues in opting for higher pension online including documentation and a disclaimer for pension formula.
The EPFO said it closed the option on March 4, 2023 for the retired EPS members (prior to September 1, 2014 and whose options were not considered earlier) and under this category of employees, it received 91,258 online applications as on March 4. “For persons who were EPF members as on September 1, 2014, the online applications have been allowed from the employees since February 27 and 8,897 members have applied to their employers, the labour ministry release said.
The contributions of both the employee and employer on higher wages are involved, the EPF and EPS-95 schemes require the joint request when they contribute on higher salary, it said.
“This is not a new requirement and predates the EPS-95 and the position has been affirmed by SC in the RC Gupta case stating that it is a necessary pre-cursor for exercising joint option on higher salary under EPS…EPFO has been making all-out efforts to publicize the process of joint option which can be submitted online till 03rd May, 2023,” it said.
