- Date : 03/05/2023
- Read: 4 mins
Are you looking to boost your pension benefits and secure your retirement? Take advantage of this chance! The EPFO has extended the pension application deadline by June 26. How can you take advantage of it? Apply now!
- EPFO extends pension application deadline to June 26, 2023 (2nd extension)
- EPFO launched an online facility to apply for a higher pension in February 2023
- Unresolved issues: replacement methodology for 1.16% additional contribution, proof of past higher contribution, and online application facility
- Eligibility for higher EPS pension as per Supreme Court order dated November 4, 2022
- Individuals not contributing to EPF on September 1, 2014 may still be eligible for higher EPS pensions, depending on their circumstances.
Are you looking for a way to increase your pension benefits and secure retirement? The Employees' Provident Fund Organisation (EPFO) has extended the deadline for pension applications until June 26, 2023 - this is the second time the deadline has been extended. Initially set by the Supreme Court in November 2022, the deadline was extended to May 3, 2023, and now to June 26, 2023. Read this article to know more.
What is the need for this extension?
Although the EPFO had launched an online facility on February 20, 2023, to allow eligible employees who were EPF members before September 1, 2014, and continued to be members on or after September 2021 to apply for a higher pension, the facility was launched just a few days before the original deadline (March 3, 2023), leading to numerous applications being received. This latest extension aims to provide a larger window of opportunity for all eligible individuals to file their applications.
The Labour Ministry has released a statement indicating that the decision to extend the deadline for pension applications was made after carefully considering the concerns and requests of employees, employers, and their associations. This sympathetic approach aims to provide sufficient time and ease any difficulties pensioners or members face.
Read the article: Are You Paying Enough for Your Retirement? EPFO's New Circular Holds the Answers on How to Get higher pension
Key unresolved Issues and challenges faced by members of EPFO:
- SC asked EPFO to develop a replacement methodology for a 1.16% additional contribution. EPFO is yet to come up with the new methodology.
- EPFO was asking its members to give consent to accept an unknown methodology that EPFO may come up with in the future
- EPFO was asking members to submit proof of approval for past higher contributions above the wage ceiling, which hardly any employee had
- Kerala High Court allowed employees to go for a higher pension without past approval proof, but EPFO still needs to rectify its online application facility to accommodate this court ruling.
- Employees must ensure all EPF accounts are merged into one Universal Account Number (UAN) and their service records match the EPFO data.
Who is eligible for an EPS pension (per Supreme Court's order dated November 4, 2022)?
An employee is eligible for a higher EPS pension per the order dated November 4, 2022, from the Supreme Court if:
- Despite making higher contributions to their EPF account before September 1, 2014, their request for a higher EPS pension was rejected by the EPFO upon retirement.
- The individual remained a member of EPS or EPF on September 1, 2014, and continued to do so.
Also Read: Good news: Here's How much the EPFO increased the EPF interest rate? Read to know more.
What will happen if an individual is not actively contributing to the EPF as on September 1, 2014?
There could be several reasons for employees not contributing to EPF, as on September 1, 2014, such as:
- Being unemployed then
- Working with an organisation not covered under EPFO
- If your EPS account has been active for more than 10 years and you have closed your EPF account, you won't be able to receive a lump-sum payment. However, you will be eligible to receive a pension from age 58 as per the EPS rule.
The Supreme Court ruling states that if an employee was a member of EPS on the mentioned date, they could choose to make higher contributions for the pension scheme, regardless of whether they had opted for it during the 6-month window from September 1, 2014.
Also Read: EPFO: Is the Higher Pension Plan Scheme Actually Good for Employees?
The EPFO has extended the deadline for pension applications until June 26, 2023, allowing eligible employees to maximise their pension payouts. The decision was made to ease any difficulty faced by pensioners and members, following various demands from employees, employers, and their associations. The extension aims to provide a larger window of opportunity for all eligible individuals to file their applications.
- EPFO extends pension application deadline to June 26, 2023 (2nd extension)
- EPFO launched an online facility to apply for a higher pension in February 2023
- Unresolved issues: replacement methodology for 1.16% additional contribution, proof of past higher contribution, and online application facility
- Eligibility for higher EPS pension as per Supreme Court order dated November 4, 2022
- Individuals not contributing to EPF on September 1, 2014 may still be eligible for higher EPS pensions, depending on their circumstances.
Are you looking for a way to increase your pension benefits and secure retirement? The Employees' Provident Fund Organisation (EPFO) has extended the deadline for pension applications until June 26, 2023 - this is the second time the deadline has been extended. Initially set by the Supreme Court in November 2022, the deadline was extended to May 3, 2023, and now to June 26, 2023. Read this article to know more.
What is the need for this extension?
Although the EPFO had launched an online facility on February 20, 2023, to allow eligible employees who were EPF members before September 1, 2014, and continued to be members on or after September 2021 to apply for a higher pension, the facility was launched just a few days before the original deadline (March 3, 2023), leading to numerous applications being received. This latest extension aims to provide a larger window of opportunity for all eligible individuals to file their applications.
The Labour Ministry has released a statement indicating that the decision to extend the deadline for pension applications was made after carefully considering the concerns and requests of employees, employers, and their associations. This sympathetic approach aims to provide sufficient time and ease any difficulties pensioners or members face.
Read the article: Are You Paying Enough for Your Retirement? EPFO's New Circular Holds the Answers on How to Get higher pension
Key unresolved Issues and challenges faced by members of EPFO:
- SC asked EPFO to develop a replacement methodology for a 1.16% additional contribution. EPFO is yet to come up with the new methodology.
- EPFO was asking its members to give consent to accept an unknown methodology that EPFO may come up with in the future
- EPFO was asking members to submit proof of approval for past higher contributions above the wage ceiling, which hardly any employee had
- Kerala High Court allowed employees to go for a higher pension without past approval proof, but EPFO still needs to rectify its online application facility to accommodate this court ruling.
- Employees must ensure all EPF accounts are merged into one Universal Account Number (UAN) and their service records match the EPFO data.
Who is eligible for an EPS pension (per Supreme Court's order dated November 4, 2022)?
An employee is eligible for a higher EPS pension per the order dated November 4, 2022, from the Supreme Court if:
- Despite making higher contributions to their EPF account before September 1, 2014, their request for a higher EPS pension was rejected by the EPFO upon retirement.
- The individual remained a member of EPS or EPF on September 1, 2014, and continued to do so.
Also Read: Good news: Here's How much the EPFO increased the EPF interest rate? Read to know more.
What will happen if an individual is not actively contributing to the EPF as on September 1, 2014?
There could be several reasons for employees not contributing to EPF, as on September 1, 2014, such as:
- Being unemployed then
- Working with an organisation not covered under EPFO
- If your EPS account has been active for more than 10 years and you have closed your EPF account, you won't be able to receive a lump-sum payment. However, you will be eligible to receive a pension from age 58 as per the EPS rule.
The Supreme Court ruling states that if an employee was a member of EPS on the mentioned date, they could choose to make higher contributions for the pension scheme, regardless of whether they had opted for it during the 6-month window from September 1, 2014.
Also Read: EPFO: Is the Higher Pension Plan Scheme Actually Good for Employees?
The EPFO has extended the deadline for pension applications until June 26, 2023, allowing eligible employees to maximise their pension payouts. The decision was made to ease any difficulty faced by pensioners and members, following various demands from employees, employers, and their associations. The extension aims to provide a larger window of opportunity for all eligible individuals to file their applications.
