One of the World’s largest Social Security Organisations, Employees’ Provident Fund Organisation‘s (EPFO) recent circular complies with the Supreme Court order. It has laid down the terms and conditions for an EPFO subscriber for getting a higher pension.
EPFO released a new circular on February 20, 2023. The EPFO has issued instructions in compliance with orders contained in Para 44 (iii) & (iv) read with Para 44(v) of Hon’ble Supreme Court judgment dated 04.11.2022 in the matter of Special Leave Petition (C) Nos. 8658-8659 of 2019.
While opting for the higher pensions the EPFO subscribers were facing procedural complexities in opting for higher pensions and were flagged by several members of the Board.
Also Watch, Procedural Complexities in Opting for EPS-95 Higher Pension- Click Here
It was suspected that amid procedural complexities as many as 1,20,279 persons have applied online to opt for higher pension under Employees’ Pension Scheme 1995 (EPS-95) till March 9, 2023.
According to the reports of TOI, EPFO is taking steps necessary to ensure ease of compliance, especially on the mandatory documentation front.
Commenting on the situation the Union labour minister and chairman of EPFO’s Central Board of Trustees (CBT) Bhupender Yadav have assured the Board that the retirement fund manager is fully committed to implementing the Supreme Court’s November 4, 2022 verdict on higher pension.
Bhupender Yadav said, “The SC judgment’s orders in Para 44 will be implemented in full. To implement this judgment, necessary notifications have been issued and we are, with complete legal advice, committed to implementing this fully so that everyone can get full justice.”
“The SC’s November 4 order on higher pension has been talked about. This was discussed in detail in the CBT’s meeting”, Bhupender Yadav added.
Bhupender Yadav further said, “The SC judgment’s orders in Para 44 will be implemented in full. To implement this judgment, necessary notifications have been issued and we are, with complete legal advice, committed to implementing this fully, so that everyone can get full justice.”
The applying the higher pension EPFO updated the link on the EPFO website saying, “Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 on or before 3rd May 2023.” EPFO has extended the last day to opt for a higher pension by 60 days and the last date to avail the option of a higher pension is May 3, 2023. To redirect and visit the page Click Here.
