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Around 91,258 retired employees have applied for the higher pension option available under the revised the Employees' Provident Fund Organisation (EPFO) provision, before the last date to apply for the provision expired on March 4, after the Supreme Court had allowed for the option to draw higher pension last year.
"The circular dated 20th February 2023 adheres to the provisions of the Scheme and complies with the Supreme Court orders. The correct assessment of contributions and their deposit and diversion to the Pension Fund, the past services rendered and the remittances made are necessary for correct calculation of the benefits and valuation of the Pension Fund ", EPFO said in a statement.
The EPFO closed the options on March 4, 2023 for the retired EPS members (prior to September 9, 2014 and whose options were not considered earlier). It has received 91,258 online applications from this category of employees as on March 4, 2023.
However, the option to avail higher pension by the existing employees is still open till May 3.
"The online joint (employee and employer) option form with the necessary documents has been hosted by EPFO in the unified portal for contributing to higher salary to the EPS-95. The form paves the way for giving effect to the SC order dated November 4, 2022, while adhering to the basic scheme provisions. More than 8,000 members have already applied online as of date though the submission deadline is May 3, 2023 ", said EPFO in a statement.
Since the contributions of both the employee and employer on higher wages are involved to avail higher pensions, the EPF and EPS-95 schemes require a joint request when they contribute to a higher salary. This is not a new requirement and predates the EPS-95 and the position has been affirmed by SC in the RC Gupta case last year in November, stating that it is a necessary pre-cursor for exercising the joint option on higher salary under EPS.
EPFO has been making all-out efforts to publicise the process of the joint option. In respect of people who were EPF members as on September 1, 2014, online applications are being preferred by the employees since February 27, 2023 and already 8,897 members have applied to their employers.
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First Published: Sat, March 04 2023. 23:15 IST
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