On February 20, 2023 it was announced that eligible employees can apply for higher pension by March 3, 2023. This only left applicants with 20 days to collect all required documents and figure out details to fill the form jointly with employers. Now the deadline has been extended till May 3, 2023, for employees and employers to apply for higher pension at EPFO's online portal.
The Supreme Court in an order in November 2022, had instructed the EPFO to give four months for people to apply for higher pension. But a circular for the same was only released on February 20, 2023, and it released the procedure only after that.
Those employees who were members of EPF on and after September 1, 2014, are allowed to apply for higher pension. This window is open for all those who had missed the chance to apply for the scheme before the previous deadline. The pensionable salary cap has been raised by the EPFO from Rs 6,500 per month to Rs 15,000 per month.
After submission of online applications, the in-charge at the regional provident fund office, will examine each application and the decision will be communicated via email and SMS. The requirement for employees to contribute 1.16 per cent of their salary more than Rs 15,000 a month, was also removed by the apex court.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
