According to rumours, the Employees’ Provident Fund Organization (EPFO) may extend the deadline for employees to select a higher pension under the Employee Pension Scheme (EPS). According to reports, many applicants encounter technical difficulties during the application procedure. However, there is no communication regarding the extension of the deadline.
EPFO introduced a “Excel utility” on its website for calculating the additional amount payable for a higher pension. This calculator enables users to determine the payment required for an enhanced pension and the benefits they would obtain. However, there is still some ambiguity surrounding the subject.
The Supreme Court ruled on November 4, the previous year, that pensions should be increased based on the actual salary. Consequently, the initial deadline for employees to transmit their allocation based on their actual salary to the pension fund was set for March 3. However, the deadline was extended to May 3 and June 26 afterward.
In a landmark decision issued on November 4, the Supreme Court permitted employees who were members of the Employees’ Pension Scheme (EPS) as of September 1, 2014, to contribute up to 8.33 percent of their actual salaries to their pensions. This is in contrast to the previous limitation of Rs 15,000 per month on 8.33% of pensionable salary.
Despite the fact that the original deadline for exercising the higher option was March 3, 2023, EPFO delayed the release of procedure details. Later, the application procedure was made available with a May 3 deadline. This was postponed until June 26.
