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Reading: EPFO extends deadline for employers to upload details of those opting  for  higher pension 
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EPFO extends deadline for employers to upload details of those opting  for  higher pension 

Team Happen Recently
Last updated: 2024/01/04 at 11:10 AM
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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,  EPFO​​​said  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.  

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

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