EPFO: Deadline extended for retired employees to apply for higher pension, check details

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In a news statement dated March 13, 2023, the Employees’ Provident Fund Organisation (EPFO) announced the extension of the deadline for submitting requests for increased pensions under the Employees’ Pension Scheme (EPS) to May 3. 

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For workers who retired before September 1, 2014, exercised their choice to get the increased pension, but had their claims denied by the provident fund authorities, the deadline has been extended. Earlier, the deadline for such employees was March 3, 2023.

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As per the press release issued by the retirement fund body, “The Supreme Court had held that the employees who have retired before 1st September 2014 and had exercised the option under paragraph 11(3) prior to their retirement shall be eligible for pension on higher wages.”

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According to the EPFO’s most recent statement, May 3, 2023, has been set as the deadline for all qualified employees to submit an application for the increased pension.

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In its ruling from November 4, 2022, the Supreme Court had given eligible employees four months from the date of the ruling to choose the higher pension. The application deadline was thus extended to March 3, 2023.

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Due to the EPFO’s February 20, 2023 circular for current employees, the deadline to submit applications for higher pensions had to be extended. Less than 15 days remained for qualified employees to submit their applications. The circular also stated that a second circular would be released to clarify the process used to calculate pensions.

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The most recent extension gave all eligible workers a comparable window of opportunity to choose a higher pension.

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The EPFO has not yet clarified how the employees’ additional 1.16% contribution will be collected. While upholding a 2014 notification, the Supreme Court has invalidated the clause requiring employees whose basic salaries exceed Rs 15,000 to pay an extra 1.16%. However, this clause was postponed for a period of six months to give the retirement fund body time to develop it.