EPFO is considering to provide relief in the higher EPS pension application deadline and this deadline can be extended by three months. Let us know the reason for this.
Employees’ Provident Fund Organization (EPFO) can extend the deadline for higher EPS pension by three months. Because many employees are complaining about facing difficulties while applying for higher pension from Employees’ Pension Scheme (EPS).
Due to lack of clarity on rules and delay in clarification from EPFO, many employees have not yet exercised the option for higher pension application. But, EPS members now have only a few hours left to apply, as the last date for application is today i.e. 26 June 2023. Sources say that EPFO is considering extending the deadline by three months to provide relief in the deadline. Let us see some reasons, due to which the deadline can be extended.
Release of calculation method a few days before the deadline
Applying for Higher Pension is one of the most important decisions for most of the eligible employees. But, an EPS member would want to go for this option of higher pension only if he is sure that it would be a beneficial decision. However, there was no way they could know what would be the calculation method on the arrears of pension.
Unless you know how much extra you will have to pay and what kind of return you will get on this extra payment, applying for higher pension will be like shooting arrows in the dark. EPFO has released an Excel utility to calculate the amount to be paid for Higher Pension to an employee a few days before the deadline. Along with this, FAQs have also been issued.
Employees have difficulty in clarity due to gradual release of circulars,
EPFO has issued circulars related to necessary documents for applying to employees, additional 1.16% contribution, pension calculation method, first circular on December 29, 2022 and latest circular in last 14 days Released on June 2023. Due to the gradual release of the circular, the eligible members could not get clarity on many points for the rules and application.
Due to this, EPFO had also extended the deadline twice. But, with the last update coming a few days before the current deadline, it has become difficult for the employees to evaluate the pros and cons of higher pension in a short period of time.
Still lack of clarity on many points
According to experts, EPFO still needs to provide clarity on certain aspects of applying for higher EPS pension. Need clarification on exit option, or what if the employee’s records do not match with EPFO’s records, or if the employer has gone out of business? There is a need for clarity on this. At the same time, there is no clarity about the employees who have a long gap in their service history as to how they should apply for pension.
Problem on EPFO’s application portal
Due to the last date last week, there has been a problem in the service portal for applying for EPFO members. Many applicants have raised the issue on Twitter that either they are unable to submit their joint application form or their records are not matching with the records of EPFO, which is making it difficult to submit their application form online.
Last date of application extended twice before
EPFO has already extended the application deadline for higher EPS pension twice. First it was extended from 3 March 2023 to 3 May 2023 and then the deadline has been extended till 26 June 2023. Recently many employers have requested EPFO to extend the application deadline for higher EPS pension and simplify the process. These are the complaints made by many employees on which EPFO can take note and extend the deadline for 3 months.
