Many employees and pensioners who are eligible to apply for higher pension from the Employees’ Pension Scheme (EPS) are complaining on Twitter that they are unable to submit their application forms. This is happening when there are less than four days left to submit the applications for higher pension. The Employees’ Provident Fund Organisation (EPFO) has set the deadline as June 26, 2023.
This EPFO has already extended the deadline twice. The first extension was from March 3, 2023, to May 3, 2023. The second extension moved the deadline to June 26, 2023.
Despite the extension, a Twitter user complains that he is unable to submit the application form for higher EPS pension despite having all the details.
Another says that data mismatch in service history period in the EPFO records is creating trouble for him.
There was at least one grouse about a mismatch in wage details.
One user claims they were unable to open the form to apply for higher EPS pension.
EPFO has to put its house in order and give subscribers more time
There were many pending issues and doubts regarding the higher pension application process, due to which many members kept waiting for the EPFO to give more clarity. The pension computation methodology was revealed very late, the replacement mechanism of Rs 1.16% additional contribution on salary above Rs 15,000 was communicated with a big lag. These are critical information that members have to consider before deciding on opting for the pension — which is an important aspect of their personal finance. Besides, the EPFO had put a hurdle of proof of previous approval of joint application for higher contribution above wage ceiling, which was set aside by the Kerala High Court. The EPFO took a long time to come up with clarifications on this issue also.
The irony is that the EPFO itself is the delivering authority for various information and statements needed to apply for the higher pension. Many members still have pending requests of previous EPS statements, service history and transfer of account. These have to be processed before members can apply for the higher pension.
How did employees get the option to apply for higher pension?
The Supreme Court in its judgment dated November 4, 2022, allowed eligible employees to apply for higher pension from EPS. The court allowed four months from the date of judgement — till March 3, 2023 — to apply for it.
However, the EPFO delayed issuing necessary circulars on how to apply, the documents needed, the additional money that will be paid to the EPS account, what to do if there is data mismatch with EPFO records and so on.
The Supreme Court allowed only certain employees who are eligible to opt for the higher pension. According to the judgment, employees can apply for higher pension if:
. They had Retired before September 1, 2014, and had opted for higher EPS pension while they making contributions, but later on their higher pension requests were rejected by the EPFO authorities
. They were member of EPF and EPS as on September 1, 2014, and continued to remain so after this date but missed the opportunity to opt for the higher pension scheme.
Source By: economictimes
