In a bid to provide a ‘larger window’ to all eligible persons to file their applications under the Employee Pension Scheme (EPS), the Employees’ Provident Fund Organisation (EPFO) has extended the date for filing applications for higher pensions to June 2023. According to a notice issued by the Ministry of Labour and Employment on Tuesday, the retirement fund body has taken the decision after receiving several requests from various quarters for the extension of the deadline. Thus as per the notification, the deadline for filing an application under EPS would now be till 26 June instead of 3 May i.e., today.
Stating that over 12 lakh applications have been received so far, the ministry said that after sympathetically considering the requests from employees, employers, and their associations, “it has been decided that in order to provide a larger window of opportunity and in order to enable all eligible persons to file their applications, the timeline for filing applications would now be till 26th June 2023.”
SC mandated a four-month period for filing for higher pensions
Notably, this comes as a part of the Supreme Court order that mandated the Employees’ Provident Fund Organisation (EPFO) to provide at least four months of time to all eligible members to opt for higher pensions under EPS. In its 4 November 2022 order, the apex court upheld the Employees’ Pension (Amendment) Scheme 2014 which had raised the pensionable salary cap from Rs 6,500 per month to Rs 15,000 per month. This notably allows EPS members and their employers to contribute 8.33% of their actual salaries towards the scheme. It also struck down the earlier requirement that mandated employees to contribute 1.16 percent of their salaries exceeding Rs 15,000 per month.
Earlier, a circular was issued by the EPFO in December 2022 stating that the apex court had all EPS members as on 1 September 2014, a duration of six months to opt for the scheme, further adding four more months to opt for higher pension under EPS-95.
As a part of the SC order, the four-month period for filing for a higher pension was to end on 3 March. However, it was extended to 3 May, which has now been extended to 26 June.
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