The EPFO has declared that it'll be providing an online facility for employees to file a declaration choosing for higher pensions jointly with their employers on the EPFO portal soon. A ticker is rolling on the EPFO website saying “ Supreme Court Judgement dated04.11.2022 in the matter Special Leave Petition( c)Nos. 8658- 8659 of 2019" In compliance of the direction contained in the para 44( iii) &( iv) read with Para 44( v) of the judgement( for employees who were in service prior to01.09.2014 and continued to be in service on or after01.09.2014 but couldn't exercise joint option under erstwhile proviso to para 11( 3) of EPS- 1995), online facility for filing joint option is coming soon"

 

One of the documents needed to be submitted by an employee choosing for a higher pension under the Employees Pension Scheme( EPS) 1995, is a joint option form. The form is to comprise a declaration from both employer and employee for higher contribution towards EPS equal to8.33 of the actual stipend per month in the future.

 

The last date to submit the application for a higher pension under the EPS is March 3, 2023, which is just seven days away. The Employees' Provident Fund Organisation( EPFO) issued guidelines on eligibility for and methods of applying for a higher pension for existing employees on February 20, 2023. 

 

The eligible employees have only seven days, which includes one weekend, to fully comprehend the rules and gather the paperwork needed to submit an application for a larger pension.

The EPF commissioner will specify the form and mechanism for eligible employees to submit the application, according to the EPFO circular issued on February 20.

 

Also, an online window for submitting a request for a higher pension has not yet been made available.

 

Documents such as an agreement to permit the transfer of funds from the provident fund to the pension fund, proof of the employer's share in the provident fund on higher wages exceeding the standard wage ceiling of Rs5,000 or Rs6,500, and the previously mentioned joint statement are required of eligible employees. With few days left before the deadline and a long list of documents to be gathered for the submission, many employees would prefer an extension of the deadline.

 

In terms of providing the beneficiaries with the appropriate direction on their future actions, the EPFO's approach has generally lagged behind. Confusion has resulted from multiple circulars starting in December 2022, and without general clarification for the beneficiaries, it appears difficult to meet the current deadline. Yet, the Supreme Court established the deadline, thus it would be challenging for EPFO to extend it absent a SC intervention in any subsequent applications that any interested beneficiaries may file

 

Employers had been waiting on the EPFO to provide clarification and direction, which finally did on February 20. The qualified personnel are racing against the clock to submit their applications before the deadline of March 3.Some still have questions, so the employee will request a longer window of time to take use of the benefit.