The deadline to apply for a higher pension under the Employees’ Pension Scheme (EPS) will end on June 26, i.e. Monday. However, due to a lack of clarity on some issues, many people are still unsure about applying for the higher EPS option. Many employees and pensioners who are eligible to apply for the same are complaining on Twitter that they are unable to submit their application forms.
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The Employees' Provident Fund Organisation (EPFO) has recently addressed many doubts related to the computation and documentation. However, there is still a lack of clarity on various issues surrounding the process. Experts believe that due to this confusion, the deadline for the third time.
This EPFO first extended deadline from March 3, 2023, to May 3, 2023. The second extension moved the deadline to June 26, 2023.
While some users complained that they were unable to put in the request, others mentioned that their applications were getting rejected.
One user mentioned he was unable to open the form to apply for a higher EPS pension.
While talking to CNBCTV18.com on ambiguity, an expert said that the retirement fund body provided details on computation and documents very late. So, they should extend the deadline and accept applications even after June 26.
Notably, EPFO released guidelines for computing the increased pension amount only on June 14. In the circular, EPFO also outlined the necessary documents to be submitted in cases where the subscriber is unable to furnish a joint request under para 26(6) of the EPF scheme, which pertains to the announcement of higher pensions by the EPFO.
Talking about other issues, the expert said that employers also require guidance on practical matters, such as what employers should do if they do not have sufficient records of old wages. Claimants are also facing difficulties in availing of the online filing option due to technical issues.
Additionally, ambiguity is apparent in light of the judgment of the Kerala High Court in April 2023, which directed the EPFO to omit the requirement to produce copies of the permission or prior consent or details thereof under Paragraph 26(6) of the EPF Scheme for the time being.
How advisable it is to opt for a high pension
It must be understood that the benefit of the higher pension will not be the same for all EPS members. According to experts, employees should consider their retirement objectives and financial requirements before opting for a higher pension.
It must be understood that opting for a higher pension may not be a good enough option for those who intended to plan retirement early since the individual can only opt for EPS after completing 10 years of service and 58 years of age.
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