The Employees Provident Fund Organisation (EPFO) has activated the url of the unified members’ portal which states that subscribers seeking a higher pension can apply for it by May 3, 2023. The same can be done on --unifiedportal-mem.epfindia.gov.in/memberinterface. The retirement fund body recently extended the deadline for subscribers to opt for higher pensions till May 3, 2023, from the earlier March 3, 2023 deadline.
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“Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 for employees who were in service prior to 1st September 2014 and continued to the in service on or after 01.09.2014 but could not exercise joint option under erstwhile provision to para 11 (3) of EPS 1995 to be exercised on or before 3rd May 2023," the EPFO website said.
The EPFO’s guidelines on higher pension have been issued in compliance with Supreme Court's November 4, 2022 order.
Subscribers can use the link on the EPFO's website for validation of joint options for employees who retired before September 1, 2014 and exercised joint option. Additionally, link is available for subscribers who exercised joint option, were in service prior to September 1, 2014 and continued to be in service after that but could not exercise joint option.
Further, subscribers are required to put their details in order to avail the service.
What's the EPFO order?
The EPFO has now allowed subscribers to go beyond the pensionable salary capped at Rs 15,000 a month on which employers deduct a sum equal to 8.33 percent of the ‘actual basic salary’ towards pension under EPS. This means that an employee and an employer can sign up together, requesting the EPFO to deduct 8.33 percent of the higher monthly basic salary, thus ensuring larger accumulation towards pension over their work life.
Who can apply?
According to the EPFO circular, the following employees along with their employers can submit the joint option to the concerned regional office –
First Published: Mar 1, 2023 2:06 PM IST
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