The Employees’ Provident Fund Organisation (EPFO) has extended the deadline by 15 days to get a pension on higher wages from June 26 to July 11. Initially, the deadline was March 3.
An online facility has been made available by EPFO for submitting Applications for Validation of Options/Joint Options for pension on higher wages. The facility is 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 in order to provide a complete four months time to eligible pensioners/members for filing applications.
Meanwhile, many representations have been received from Employers & Employers’ Associations wherein requests have been made to extend the time period for uploading wage details of applicant pensioners/members.
The request has been considered sympathetically and the employers are being given a further period of three months to submit wage details etc. online latest by 30.09.2023.
Employees’ Provident Fund Organisation (EPFO) issued a circular on June 14, 2023, aiming to clarify the list of documents to be submitted for claiming higher EPS-95 & pension computation method.
The circular also elaborates on what all documents one can submit if one is not able to furnish a joint request under para 26(6) of the EPS-95 scheme.
Circular 1 on the pension computation method
- Who retired before 01.09.2014: The pension calculation will be based on the average monthly pay drawn during the contributory period of service during the 12 months preceding the date of retirement i.e. date of exit from the membership of the pension fund.
- Who retired on or after 01.09.2014: The pension calculation will be based on the average salary during a contributory period of service in the span of 60 months preceding the date of retirement. Click here to Read Circular.
Circular 2 on the list of documents to be submitted
According to the recent circular issued on June 14, 2023 “Whereas a situation has arisen where joint request/ undertaking/ permission under Para 26(6) are not readily available with most of the applicants who have filed Applications for Validation of Option / Joint Options covered under Hon’ble Supreme Court judgment dated 04.11.2022.”