NEW DELHI: Via the unified members' portal of retirement fund organisation EPFO, all eligible members have until May 3, 2023, to choose and apply jointly with their employers for increased pensions.
There were earlier concerns that March 3, 2023, would be the last day to choose a higher pension. The most recent activation of the EPFO unified members' portal's URL makes it abundantly obvious that May 3, 2023, is the cutoff date for exercising the option of a larger pension.
The Employees' Provident Fund Organization (EPFO) was previously required by the Supreme Court's judgement of November 4, 2022, to give all eligible members four months to choose a better pension.
According to a ruling by the Supreme Court, the four-month window for choosing a higher pension was set to expire on March 3, 2023. Members were therefore concerned that the deadline would expire on March 3, 2023.
A method allowing subscribers and their employers to jointly apply for a greater pension under the Workers' Pension Plan was released by EPFO last week (EPS). The Workers' Pension (Amendment) Scheme 2014 was upheld by the Supreme Court in November 2022.
The pensionable salary cap was increased by the EPS amendment of August 22, 2014, from Rs. 6,500 to Rs. 15, and permitted members and their employers to contribute 8.33 percent of their actual wages (if they exceeded the cap) to EPS.
The EPFO circular from December 29, 2022, states that the central government has ordered that the order's instructions be carried out. All EPS members had been granted six months as of September 1, 2014, by the Supreme Court to choose the modified plan.
In its ruling, the apex court extended the time period for eligible subscribers to choose a higher pension under EPS-95 by four months.
The eligible subscribers must submit a combined application for the enhanced benefit with their employer using the application form specified by the commissioner and any other necessary materials, such as a joint declaration and other supporting documentation.
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