The Employees’ Provident Fund Organisation (EPFO) has yet again extended the deadline for employers to process and upload wage details of applicant members under the higher EPS Pension Scheme by January 31, 2025.
In spite of so many extensions, it has been observed that more than 3.1 lakh applications for validation of options or joint options are still pending with employers, the EPFO release said adding that many representations have also been received from employers and employers’ associations wherein requests have been made to extend further time period for uploading wage details of applicant pensioners.
“Therefore, a final opportunity is being given to the employers till 31.01.2025 to ensure that employers process and upload these pending applications for validation of option/joint options,” the EPFO said.
“Employers are also requested to submit replies/update the information by 15.01.2025, in over 4.66 Lakh cases where EPFO has sought additional information/ clarification in respect of applications that have been received and examined by EPFO,” it added.
In the past, the retirement fud body has repeatedly extended the deadline for employers to upload wage details to facilitate the processing of higher EPS Pension applications. Employers were initially given time until September 30, 2023, which was later extended to December 31, 2023, and then to May 31, 2024.
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These extensions were provided so that employers could complete the submission of wage details for EPS pensioners and EPF members online.
What is a higher pension scheme under EPS?
An individual who was an EPF member on or before August 31, 2014, or retired by that date, can choose to receive higher pension under the Employees’ Pension Scheme (EPS) based on their actual wage (basic salary) rather than the prescribed limit (Rs 6,500/Rs 15,000). By opting to contribute on higher wages, the individual becomes eligible to receive a pension calculated on the average of their actual last drawn wages (basic salary) instead of the capped amount (currently Rs 15,000) at the time of retirement.
Who is eligible for pension under EPFO higher pension scheme?
EPFO members who have completed 10 years in service are eligible to apply for higher pension under the EPS 95. For a regular pension,
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