Last date to opt for higher pension from EPF: Will EPFO extend the deadline?
2 min read . Updated: 24 Feb 2023, 10:59 AM IST
Premium- The last date to submit the application for the higher pension under the EPS is 3 March 2023
Last date to opt for higher pension from EPF: With less than 10 days left for individuals to apply for higher pension under the Employees' Pension Scheme (EPS), the question is: Will EPFO extend the deadline? The last date to submit the application for the higher pension under the EPS is 3 March 2023.
Retirement fund body EPFO came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under EPS. Earlier in November 2022, the Supreme Court had upheld Employees Pension (Amendment) Scheme 2014.
The EPS amendment of August 22, 2014 had raised the pensionable salary cap to ₹15,000 a month from ₹6,500 a month, and allowed members along with their employers to contribute 8.33% of their actual salaries (if it exceeded the cap) towards the EPS.
Amit Gupta, MD, SAG Infotech, according to the EPFO circular, the PF commissioner will outline the format and procedure for submitting applications from qualified employees. In addition, there is still no online window available to file requests for higher pensions.
Documents to submit
The documents that an eligible employee must submit include an agreement to allow the transfer of funds from the provident fund to the pension fund, proof of the employer's share in the provident fund on higher wages exceeding the standard wage ceiling of ₹5,000/ ₹6,500, and a joint option form with a declaration from the employer and employee for a higher contribution to the EPS as high as 8.33% of the actual wages in the future, said Amit Gupta.
Will EPFO extend the deadline?
Amit Gupta said several employees would like a deadline extension because there are only a few days left before the deadline and a large list of papers need to be gathered for the submission.
Employers had been waiting on the EPFO to provide clarification and direction, which finally did on February 20. The qualified personnel are racing against the clock to submit their applications before the deadline of March 3. Others still have questions, therefore the employee will request an extension of the deadline to use the perk, he added.
How can employees opt for higher pension now?
According to the EPFO circular, applications for higher pensions have to be submitted jointly by the employer and the employee at the regional office of the EPFO in the manner specified by the commissioner.
EPFO stated that "a facility will be provided for which URL (unique resource location) will be informed. Upon logging, a receipt number will be provided to the applicants. Each application will be registered, digitally logged and the receipt number will be provided to the applicant.
Who all are eligible for higher pension now?
Employees who were members before 1 September 2014, and continued to be a member on or after that date
Employees and employers who had contributed on salary exceeding the standard wage ceiling of ₹5,000 or ₹6,500.