As directed by the Supreme Court, the Employees Provident Fund Organisation (EPFO) has extended the deadline for subscribers to opt for higher pensions. The deadline for applying for the higher pension has been pushed back by 60 days. Employees can now apply for a higher pension until May 3, 2023.
The link to apply for the higher pension is, however, not fully functional. It is expected that EPFO will soon make the link functional and provide further details on the application process and the pension calculation.
EPFO said on its website said, “The joint option for employees who were in service prior to September 1, 2014, and continued to be in service on or after 01.09.2014 but could not exercise joint option under the Employees’ Pension Scheme can do so now on or before May 3, 2023,”.
Employees who have been contributing to the EPF and Employees Pension Scheme (EPS) since before September 1, 2014, will be eligible for the higher pension option. Employees can contribute 8.33% of their actual basic pay+dearness allowance to EPS under this option. The EPS contribution is currently limited to the maximum pensionable salary of Rs 15,000 per year.