On February 20, 2023, the Employees’ Provident Fund Organization (EPFO) published guidelines for employees who are eligible for additional pension benefits under the Employees’ Pension Scheme (EPS) but have not yet applied for them.
EPFO has granted permission for employer and employee applications for the same. The most recent decision by the Supreme Court grants applications for additional pensions until March 3, 2023.
The pensionable salary cap was raised to Rs 15,000 per month on August 22, 2014, as part of the EPS revision. Also, workers and managers were allowed to contribute 8.33 percent of their real compensation to EPS. In November 2022, the Employees’ Pension (Amendment) Scheme, 2014 was upheld by the Supreme Court.
In an office order, EPFO has provided information about how its field offices should handle the Joint Option Form. The Regional PF Commissioner will promote public awareness through notice boards and banners and provide a facility in the near future. A receipt number will be assigned to each application after it is digitally registered, logged, and registered.
Each case involving a joint option on higher pay will be scrutinized by the Regional Provident Fund Office Officer in Charge. The applicant will be notified of the outcome via SMS, email, and eventually via postal mail.
In accordance with the orders of the Supreme Court, EPFO issued a circular on December 29. According to the circular, only employees who have opted for a higher pension prior to retirement and contributed higher wages under the Employees’ Provident Fund (EPF) scheme are eligible.
Employees who retired prior to September 1, 2014 without exercising the option are also excluded from membership, as stated in the circular. This benefit will only be available to employees who took advantage of the option, as stated in the 2014 amendment.
