The Employees Provident Fund Organisation (EPFO) is likely to extend the deadline for applying for a higher pension under the Employees’ Pension Scheme (EPS) by three months, reported The Economic Times.
If the deadline is extended, it would come as a relief for many employees who have faced difficulties during the process of applying for the higher pension scheme.
The current deadline to submit an application for higher pension is today, June 26, 2023.
Read More: EPFO Higher Pension Deadline Ending June 26; Check Details
However, sources quoted in the ET report suggest that the EPFO is considering extending the deadline by three months, giving EPFO members more time to take advantage of this opportunity.
Reasons behind likely extension
One of the reasons behind this potential deadline extension is the release of a handy Excel utility by the EPFO.
This utility allows you to calculate the additional amount you need to contribute for a higher pension.
It’s a game-changer because, until recently, employees lacked a clear understanding of the financial implications of opting for a higher pension. With this utility, you can now make an informed decision about your pension and plan for a better future.
Read More: PF Withdrawal: How to download and fill Form 15G to withdraw provident fund?
Moreover, the EPFO has acknowledged that there have been some challenges throughout the application process. Technical issues on the EPFO’s Member Sewa portal have also been reported, hindering individuals from submitting their joint application forms or encountering record discrepancies.
Therefore, there is a high chance that the deadline will be extended further, giving members more time to gather necessary documents and submit their applications without any rush.
Will EPFO extend deadline for 3rd time?
The EPFO has previously extended the deadline twice: first from March 3, 2023, to May 3, 2023, and then to the current date of June 26, 2023.
Read More: EPFO Updates: Last date today to apply for higher pension, all you need to know
These extensions were necessitated by delays in issuing clarifications and the delayed release of the pension computation method.
The recent introduction of the missing contributions calculator has further complicated matters for EPF members, who require additional time to gather necessary information and assess their eligibility for a higher pension.
In response to employer requests and the grievances expressed by numerous employees, the EPFO may consider extending the deadline and streamlining the application process.
