In a information assertion dated March 13, 2023, the Employees’ Provident Fund Organisation (EPFO) introduced the extension of the deadline for submitting requests for elevated pensions beneath the Employees’ Pension Scheme (EPS) to May 3.
For staff who retired earlier than September 1, 2014, exercised their option to get the elevated pension, however had their claims denied by the provident fund authorities, the deadline has been prolonged. Earlier, the deadline for such workers was March 3, 2023.
As per the press launch issued by the retirement fund physique, “The Supreme Court had held that the employees who have retired before 1st September 2014 and had exercised the option under paragraph 11(3) prior to their retirement shall be eligible for pension on higher wages.”
According to the EPFO’s most up-to-date assertion, May 3, 2023, has been set because the deadline for all certified workers to submit an software for the elevated pension.
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In its ruling from November 4, 2022, the Supreme Court had given eligible workers 4 months from the date of the ruling to decide on the upper pension. The software deadline was thus prolonged to March 3, 2023.
Due to the EPFO’s February 20, 2023 round for present workers, the deadline to submit purposes for increased pensions needed to be prolonged. Less than 15 days remained for certified workers to submit their purposes. The round additionally said {that a} second round can be launched to make clear the method used to calculate pensions.
The most up-to-date extension gave all eligible staff a comparable window of alternative to decide on the next pension.
The EPFO has not but clarified how the staff’ extra 1.16% contribution will probably be collected. While upholding a 2014 notification, the Supreme Court has invalidated the clause requiring workers whose fundamental salaries exceed Rs 15,000 to pay an additional 1.16%. However, this clause was postponed for a interval of six months to offer the retirement fund physique time to develop it.
