Earlier an online facility was made available by EPFO for submitting EPS-95- Higher Pension; Applications for Validation of Options/Joint Options for pension on higher wages.
The facility was for eligible pensioners/members in compliance with the Hon’ble Supreme Court order dated 04.11.2022. The facility was launched on 26.02.2023 and was to remain available only till 03.05.2023.
However, considering the representations of the employees, the time limit was extended to 26.06.2023 to provide complete four months to eligible pensioners/members for filing applications.
A last opportunity of 15 days was further given to remove any difficulty faced by the eligible pensioners/ members. Accordingly, the last date for submission of Applications for Validation of Options / Joint Options by employees was extended to 11.07.2023.
Given representations received from Employers & Employers’ Associations wherein requests were made to extend the period for uploading wage details of applicant pensioners/members, the employers were also given a further period of three months to submit wage details, etc. online latest by 30.09.2023.
This time was further extended till 31.12.2023 because many representations were received from Employers & Employers’ Associations wherein requests were made to extend further period for uploading wage details of applicant pensioners/members.
Deadline for Employer to Upload Wage Details
EPFO further extended date for employers to upload wage details for Pension on Higher Wages till 31 May 2024.
To ensure that employers process for remaining Applications for Validation of Option / Joint Options, the Chairman, CBT EPF has applowed the employers to upload wage details online, etc till 31st May 2024.
Higher Pension New Calculation Rules?
A recent Economic Times article reports that EPFO is implementing new calculation rules, intending to offer higher pensions on a pro-rata basis.
However, this change is expected to lead to a considerable reduction of 30% to 40% in pensions for EPS-95 beneficiaries, as outlined in the publication.
We at SightsIn Plus, upon consulting an expert, it is found that there is no authentic information or notice from EPFO regarding the introduction of a new formula. Calculations are ongoing as before.
How Many Applications Received and Cased Resolved
According to the Employees’ Provident Fund Organisation (EPFO) and expert opinion, around 17 lakh applications have been submitted nationwide for opting for a higher pension. However, only 500 cases have been sanctioned for final pension approval till now.
This disparity between the number of applications and the cases approved suggests a significant backlog or delay in processing. It raises concerns about the efficiency and effectiveness of the system in addressing the pension needs of retirees.
Further improvements in processing and approval procedures may be necessary to ensure timely and fair pension disbursement for eligible individuals.
