published by, Deblina Day
Last Update: March 13, 2023, 23:21 IST
The deadline for all other categories of subscribers of the scheme is May 3, 2023.
The deadline for these pensioners to opt for higher pension had ended on March 3, 2023
All eligible pensioners under the Employees’ Pension Scheme 1995 (EPS 95) who retired before September 2014 can apply to opt for higher pension by May 3 this year.
The deadline for these pensioners to opt for higher pension ended on March 3, 2023.
A labor ministry statement on Monday said, “Now, on the demand of employee/employer unions, the chairman of the Central Board of Trustees has extended the time for submission of applications for verification of joint options from such employees till May 3, 2023. “
The Supreme Court had earlier held that employees who retired before September 1, 2014, and exercised the option under para 11(3) before their retirement, would be eligible for pension on higher pay.
In this regard, instructions were issued to field offices through circulars dated December 29, 2022 and January 5, 2023.
The online facility for submission of application for verification of joint options was made available on the EPFO website till March 3, 2023 for the employees who retired before September 1, 2014 and exercised joint options before their retirement.
The deadline for all other categories of subscribers of the scheme is May 3, 2023.
Parliament was informed on Monday that the deadline for eligible pensioners under the Employees’ Pension Scheme 1995 (EPS-95), who retired before September 2014, to opt for higher pension expired on March 3 this year.
In November last year, the Supreme Court in its order asked retirement fund body Employees’ Provident Fund Organization (EPFO) to give four months’ time to a separate category of subscribers of EPS-95 to opt for higher pension.
Under this option, subscribers are able to contribute their actual basic salary, which is over and above the pensionable salary (limit) of Rs 15,000 per month. Thus, they will eventually get more pension as their pensionable wages will increase for fixed pension.
“As per the Supreme Court judgment dated November 4, 2022, online applications were called for by EPFO on December 29, 2022, from pensioners who retired prior to September 1, 2014, and combined for contribution to Pension Fund on salary option was used. Exceeded the salary limit before his retirement but whose combined option was rejected by EPFO (due to cut-off date).
“Joint options for this category of retirees were to be filed on or before March 3, 2023,” Minister of State for Labor and Employment Rameshwar Teli said in a written reply in the Lok Sabha.
The Minister informed the House that instructions have been issued by the EPFO for filing of online joint option on February 20, 2023, by those employees who were in service prior to September 1, 2014, and continued to be in service as on September 1, 2014. after 1st September, 2014 but could not exercise the joint option under the earlier provision of para 11(3) of the Employees’ Pension Scheme (EPS), 1995.
He said that the combined options for this category of employees can be filed on or before May 3, 2023.
read all latest business news Here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)