EPFO news: Crores of employees of the country invest in EPFO and many people also take its benefit in the form of pension, so this big update has come for PF account holders for higher pension. Let us know what this update is
Employees’ Provident Fund Organization (EPFO) has given the last date to validate the joint form filled by the employers to give the employees the opportunity to choose higher pension option. The date can be extended once again.
As of now, the last date to validate the joint form to choose the option of higher pension is 30th September. The original deadline to apply for higher pension was March 3, which has been extended 4 times so far.
In March 1996, a provision was added to paragraph 11(3) of EPS-95. In this, EPFO members were allowed to increase their pension contribution by 8.33% of their full salary (Basic + Dearness Allowance). That means they were given a chance to get more pension.
EPFO had given only six months time to the employees to file the Joint Option Form for higher pension contribution. Many employees were not able to file the joint option form during this period. He reached the Supreme Court. In one of its decisions, the Supreme Court had ordered the government to give these employees an opportunity to file the joint option form.
Employers demanded to extend the deadline
According to a report in The Hindu, many employers have now demanded the Labor Ministry to extend the deadline for validating the joint option form. They say that they are facing technical problems in the EPFO website and difficulties in getting the employment details of the applicants and due to this they are not able to file the joint option form quickly. On the demand of employers, the government can once again extend the last date for filing the form by three months.
The Supreme Court’s decision came in November 2022.
Earlier, the Supreme Court had said in its order on November 4, 2022 that EPFO will have to give four months time to all the eligible members to choose the option of higher pension. This four-month period ended on March 3, 2023. Since then this deadline is being extended.
