The deadline to apply for a higher Employees' Pension Scheme (EPS) pension has been extended to July 11, 2023, from the original deadline of June 26, 2023. This extension is being offered as the last opportunity for employees to submit their joint application form for a higher pension from EPS. The application form must be submitted within 15 days to receive a pension based on higher wages. Additionally, employers have been given three months to upload wage details online.
This is the third time the deadline has been extended by the EPFO (Employees' Provident Fund Organization) for applying for a higher pension for EPS subscribers. The original deadline was set by the Supreme Court in its November 4, 2022 judgment as March 3, 2023. However, due to delayed issuance of circulars by the EPFO on the application process, the deadline was extended for the first time to May 3, 2023, and then for the second time until June 26, 2023.
The EPFO has stated that eligible pensioners or members facing difficulties in submitting an online application for the validation of their option/joint option due to issues with updating their KYC (Know Your Customer) details should immediately lodge a grievance on EPFiGMS (EPFO Grievance Management System) for resolution. The EPFO has provided a specific grievance category for "Higher Pensionary benefits on higher wages" to ensure a proper record of such grievances for further action.
The latest extension will give individuals more time to evaluate and decide whether they should apply for a higher pension. The EPFO has provided information related to applying for a higher EPS pension in a fragmented manner, which has made it difficult for eligible employees to make an informed decision. The recent extensions and circulars have provided clarity on various aspects, including the pension computation method, timeline for depositing funds, and processing joint option applications.
The EPFO has also addressed requests from employers to extend the time period for uploading wage details for applicant pensioners/members. Employers have been granted a three-month extension until September 30, 2023, to submit wage details online, considering the challenges faced in collating and filing wage details for the entire employment period.
The EPFO is making efforts to simplify the process of applying for a higher pension from EPS. In a circular dated June 14, 2023, the EPFO has provided an alternate mechanism and acceptable documents for submission if an eligible employee does not have the required proof of joint declaration as per Para 26(6). This joint declaration is necessary for employees with a basic salary exceeding the specified wage ceiling limit who wish to join or continue as members of the Employees' Provident Fund (EPF) scheme.
Overall, the aim of these extensions and clarifications is to facilitate eligible employees and employers in making informed decisions and fulfilling the necessary requirements for applying for a higher EPS pension.
The author is a Chartered Accountant with 2 decades of experience into Accounting, Taxation, Auditing, Risk & Compliance, Credit Controls, Due diligence. Currently, the author is the founder and managing partner at RRL Global services.
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