The apex court docket had given all EPS members, as on September 1, 2014, six months to go for the amended scheme.
Last week, EPFO got here out with a process to allow subscribers and their employers to collectively apply for larger pension underneath Employees’ Pension Scheme (EPS).
All eligible members can decide and apply collectively with their employers for larger pension until May 3, 2023 at unified members’ portal of retirement fund physique Employees’ Provident Fund Organisation.
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 May 3, 2023, information company PTI reported.
Last week, EPFO got here out with a process to allow subscribers and their employers to collectively apply for larger pension underneath Employees’ Pension Scheme (EPS).
Earlier, there have been apprehensions that March 3, 2023 is the final date for choosing larger pension.
Earlier, the Supreme Court in its order on November 4, 2022 had mandated the EPFO to supply 4 months to all eligible members to go for larger pension.
The four-month interval for choosing larger pension was to finish on March 3, 2023 in view of apex court docket order. Thus, there have been apprehensions amongst members that the deadline will finish on March 3, 2023.
What was the Supreme Court order?
In November 2022, the Supreme Court had upheld Employees’ Pension (Amendment) Scheme 2014. The EPS modification of August 22, 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 direction of EPS.
In an workplace order, EPFO had supplied for coping with the “Joint Option Form’ by field offices of the body.
EPFO stated that ‘a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put adequate notice on the notice board and banners for wider public information’.
It provided that each application will be registered, digitally logged and the receipt number will be provided to the applicant. It further stated that the office in-charge of the regional provident fund office concerned shall examine each case of joint option on higher salary and intimate the decision to the applicant through e-mail/post and later through SMS also.
It also provided that any grievance by the applicant can be registered on EPFiGMS (grievance portal) after submission of his/her joint option form and payment of due contributions, if any.
EPFO has asked its field offices to provide an option for higher pension to eligible subscribers in accordance with the Supreme Court order.
According to the EPFO circular on December 29, 2022, the central government has directed to implement the directions in the order. The apex court had given all EPS members, as on September 1, 2014, six months to opt for the amended scheme.
The apex court in its order gave four more months to eligible subscribers to opt for higher pension under EPS-95.
The court had also struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 per cent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly.
Why was the limit raised?
The wage ceiling of Rs 6,500 per month as provided in the employees’ pension scheme was revised in 2014 to Rs 15,000 per month, to provide a wide coverage to formal sector employees who were not the part of the scheme earlier and also to help employees after their retirement.
The eligible subscribers would have to apply jointly with their employer for the enhanced benefit in the application form prescribed by the commissioner and all other required documents like joint declaration etc..
(With PTI Inputs)
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