Higher PF pension | Employers get five more months to process applications

A senior EPFO officer stated that the extension wouldn’t impression the distribution of upper pension. File
| Photo Credit: The Hindu

The Employees’ Provident Fund Organisation (EPFO) on Wednesday prolonged the time for employers for importing and submitting the joint choices of workers to declare larger pension with their wage particulars on-line until May 31. This is the fifth extension for the process, which was initiated to implement the Supreme Court verdict on the matter delivered on November 4, 2022. The choice was taken by Labour Minister Bhupender Yadav, the Union Labour Ministry stated in a launch. 

A senior EPFO officer advised The Hindu that the extension wouldn’t impression the distribution of upper pension. The officer stated the disbursement had already began wherever the retired subscribers had deposited the demand quantity calculated by the EPFO based mostly on their larger wages. 

The EPFO had began a web based facility for submitting applications for validation of possibility and joint choices for pension on larger wages on February 26, 2023 until May 3, 2023. The restrict was prolonged to June 26, 2023 and later 15 days had been additional given to take away any issue confronted by the eligible pensioners and members. “About 17.49 lakh applications for validation of option / joint options have been received from pensioners / members till July 11, 2023,” the Ministry stated, including that more than 3.6 lakh joint choices had been nonetheless pending with the employers for processing.

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Employees and Employers’ associations had sought extension of interval for importing wage particulars of applicant pensioners / members. The employers got additional interval of three months to submit wage particulars and so on. on-line newest by September 30, 2023. “This time was further extended till December 31, 2023 because many representations were received from employees and employers’ associations wherein requests were made to extend further time period for uploading wage details of applicant pensioners / members,” the Ministry stated, justifying the choice to give one more extension.