EPFO Alert: EPFO has extended the deadline for filing applications for a higher pension till June 26, 2023, to enable all eligible individuals to file their applications.
Members of EPFO can jointly apply with their employers and select the “EPFO Higher Pension” option on the Unified Members’ portal of the EPFO website by the new deadline.
The previous deadline for opting for a higher pension was May 3, 2023, and the EPFO has already received more than 12 lakh applications for higher pension.
Supreme Court’s previous deadline
In its November 4, 2022, order, the Supreme Court had mandated that EPFO give a four-month period to all eligible members to opt for a higher pension. This four-month period came to an end on March 3, 2023.
Impact on pension
EPFO had previously shared the complete details of the process for applying for a higher pension.
Shareholders and their employers can jointly apply for a higher pension under the Employees’ Pension Scheme (EPS), as per the guidelines.
The Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014 in November 2022.
The EPS revision of August 22, 2014 had increased the pensionable salary limit from Rs. 6,500 per month to Rs. 15,000 per month.
Additionally, as per the guidelines, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS.
