Last date to opt for higher pension from EPF: Now less than 10 days are left to apply for higher pension under Employees Pension Scheme (EPS). Now the big question is whether EPFO will extend its deadline.
The last date to apply for higher pension under EPS is March 3, 2023. Most of the employees are demanding to extend its deadline.
Will EPFO extend the deadline?
Many employees want to extend the deadline as there are only a few days left before the deadline and there is a huge list of papers to collect for submission. Till now the employers were waiting for clear instructions but on February 20 the matter became clear. Eligible workers are scrambling to apply before the March 3 deadline, but time is short and work is high. This is the reason why the employees are demanding to extend the deadline.
Process started
Retirement fund body EPFO has started a process for subscribers and their employers to apply jointly to get higher pension under EPS. Earlier, the Supreme Court had said in November 2022 that employees who were members of EPFO on September 1, 2014, can avail higher pension. For this, contribution to EPS from his actual basic salary will be necessary.
These documents have to be given
Eligible EPS member has to visit the nearest local EPFO office and fill the application there. Along with this, documents will also have to be submitted. The application will have to be given in the manner and format specified by the commissioner. The application form for validation must contain a disclaimer as mandated in the previous government notification.
Rule At present, the salary limit for contribution to EPS is Rs 15,000 per month. This means that even if your actual basic salary is Rs 50,000, the contribution to EPS is based on Rs 15,000. Due to this very less money is deposited in EPS. Keeping in mind the decision of the Supreme Court, EPFO has issued a circular on 20 February.
