EPFO has fixed July 11 as the deadline to apply for higher pension. It then gives employers another three months until September 30, then another extension until December 31, while employees have until July 11 to submit a claim. their request.
The Employees Provident Fund Organization (EPFO) on Wednesday extended an extension of five months, till May 31, for employers to upload salary details of salary opters higher retirement.
According to a release from the labor ministry, at least 17.49 lakh applications for confirmation of option or general option were received from members till July 11, 2023. He said, over 3.6 Lakhs of option endorsement or general option applications are still waiting for employers to process. EPFO has fixed July 11 as the deadline to apply for higher pension. It then gives employers another three months until September 30, then another extension until December 31, while employees have until July 11 to submit a claim. their request.
“Based on complaints received from employers and employer associations which included a request to extend the deadline for uploading salary details of pensioners/applicants , employers have also been given an extension of three months to submit salary details etc.
Online no later than September 30, 2023. This deadline has been further extended to 31.12.2023 due to numerous complaints received from employers and employers’ associations, which have made requests to extend the time for uploading salary details of retirees/member candidates,” it said.
The Supreme Court, in its judgement dated November 4, 2022, upheld the amendments to the Employees Pension Scheme (Amendment), 2014, providing new opportunities to employees who were already members of the EPS as of September 1, 2014, contributed up’ at 8.33 per person. percent of their “actual” salary – compared to 8.33 percent of qualifying salary capped at Rs 15,000 per month – towards pension.
Last month, in a circular to its field officers, EPFOsaid the pension formula for those opting for higher pension will be calculated as per paragraph 12 of EPS and that “the date of commencement The person receiving pension will determine the applicable salary.”calculation formula retirement services, pensions and pensions. For those retiring in the future, say in 2030, EPFO said pension will be calculated based on EPS provisions of 1995 “which will exist on the date of commencement of pension”.
Although the FAQ remains silent on any changes in the pension opening formula, those in the know say that there could be changes in the pension opening formula for those who will retire in the future.
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