Edited By: Mohammad Haris
Last Updated: March 04, 2023, 09:45 IST
The Employees Pension (Amendment) Scheme, 2014, of August 22, 2014, had raised the pensionable wage cap to Rs 15,000 a month from Rs 6,500 a month.
EPFO has not obtained a single utility for the reason that inception of the scheme in March 1996 for permission beneath a clause, now obligatory, to say the good thing about increased pension
The Employees’ Provident Fund Organisation (EPFO) has enabled subscribers and their employers to collectively apply for increased pension beneath the workers’ pension scheme (EPS). However, in line with a Times of India report, procedural complexities are making it just about unattainable to use.
The EPFO has not obtained a single utility for the reason that inception of the scheme in March 1996 for permission beneath a clause now made obligatory to say the good thing about increased pension, in line with the TOI report quoting response to an RTI question on February 3.
The Employees’ Pension (Amendment) Scheme, 2014, had 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.
However, this may be carried out provided that the employer and the worker had obtained prior permission from the EPFO.
According to the TOI report quoting the RTI response on what number of workers or members have excersised this selection since March 1996, the EPFO mentioned “As per out there workplace data, there are ‘NO’ joint choices/ endeavor obtained in writing beneath Para 26(6) of EPF Scheme, 1952, through the interval from March 16, 1996, to December 31, 2002.”
The EPFO also has no information on record of the total number of serving employees, or retirees and pensioners, till March 31, 2022, who exercised the joint option under this clause.
Recently, the EPFO higher pension application date was extended to May 3. Now, all eligible members can opt and apply jointly with their employers for higher pension till May 3, 2023, at unified members’ portal of retirement fund body Employees’ Provident Fund Organisation.
The URL on the EPFO unified members’ portal activated recently shows clearly that the last date for availing the option of higher pension is May 3, 2023.
Earlier, the Supreme Court in its order on November 4, 2022 had mandated the EPFO to provide four months to all eligible members to opt for higher pension. The four-month period for opting for higher pension was to end on March 3, 2023 in view of apex court order. Thus, there were apprehensions among members that the deadline will end on March 3, 2023.
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