The Workers Provident Fund Organisation (EPFO) has allowed sure eligible members to use for increased pension underneath the Workers’ Pension Scheme (EPS) until Could 3, 2023.
It’s to be famous that Supreme Court docket in its judgement dated November 4, 2022, allowed 4 months to use for a better pension underneath EPS. Going by the apex courtroom order, the final date to use for a better pension underneath EPS was March 3, 2023
The URL on the EPFO unified members’ portal activated not too long ago reveals clearly that the final date for availing the choice of upper pension is Could 3, 2023. On February 20, EPFO got here out with a process to allow subscribers and their employers to collectively apply for increased pension underneath Workers’ Pension Scheme (EPS).
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In November 2022, the Supreme Court docket upheld Workers’ Pension (Modification) Scheme 2014. The EPS modification of August 22, 2014 raised the pensionable wage cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members together with their employers to contribute 8.33 per cent of their precise salaries (if it exceeded the cap) in the direction of EPS.
The extension of the deadline was vital as eligible members seeking to apply wanted time to gather numerous required paperwork. The EPFO issued tips on the matter for eligible workers simply 12 days earlier than the expiry of the Supreme Court docket-mandated deadline.
In an workplace order, EPFO had offered for coping with the ”Joint Choice Kind” by subject workplaces of the physique. The pension regulator additionally said that “a facility will probably be offered for which URL (distinctive useful resource location) will probably be knowledgeable shortly. As soon as obtained, the regional PF commissioner shall put enough discover on the discover board and banners for wider public info”.
It offered that every software will probably be registered, digitally logged and the receipt quantity will probably be offered to the applicant. It additional said that the workplace in-charge of the regional provident fund workplace involved shall look at every case of joint choice on increased wage and intimate the choice to the applicant by means of e-mail/submit and later by means of SMS additionally.
It additionally offered that any grievance by the applicant will be registered on EPFiGMS (grievance portal) after submission of his/her joint choice type and cost of due contributions, if any.
The order said that these instructions are being issued in compliance with the order of Supreme Court docket on November 4, 2022. EPFO has requested its subject workplaces to supply an choice for increased pension to eligible subscribers in accordance with the Supreme Court docket order.