New Delhi: The deadline to opt for higher pension for those members of the Employees’ Pension Scheme 1995 (EPS) who retired before September 1, 2014, ended on Saturday. However, other members of EPS can apply for higher pension till May 3, 2023, said a statement from the Labor Ministry.
“The Employees’ Provident Fund Organization (EPFO) closed the options for retired EPS members (before 01.09.2014 and whose options were not considered earlier) on March 4, 2023. Applications have been received. On March 4, 2023.” ,Also read: Attention PNB customers! Now here’s what you need to do when depositing a high-value check,
EPFO is making all possible efforts to publicize the process of combined options, which can be submitted online till 3rd May 2023. In respect of persons who were EPF members as on 1st September, 2014, priority is being given to online application by employees from 27th February, 2023 and already 8,897 members have applied to their employers. ,Also Read: International Women’s Day 2023: 3 Investment Options You Can Consider,
The circular dated February 20, 2023 lays down the provisions of the scheme and complies with the orders of the Supreme Court, it stated. It states that correct valuation of contributions and their credit and diversion to the Pension Fund, past services rendered and remittances made are essential for the correct calculation of Pension Fund benefits and valuation.
The online Joint (Employee and Employer) option form along with the documents required by EPFO for contribution to higher salary in EPS-95 is hosted in the Unified Portal. The form paves the way for giving effect to the SC order dated November 4, 2022, following the original scheme provisions.
It added that more than 8,000 members have already applied online, though the last date for submission is May 3, 2023. Since the contribution of both employee and employer is involved on higher salary, a joint request is required for EPF and EPS-95 schemes when they contribute on higher salary, it clarified.
This is not a new requirement and predates EPS-95 and the position has been confirmed by the Supreme Court in the RC Gupta case, which states that it is a necessary pre-indicator to use the compound o.