EPFO News: Crores of employees in the country have PF accounts, among them there are many people who avail pension. A big decision has been given by the Supreme Court regarding the deadline for getting higher pension. Knowing about this update can prove to be very helpful for PF account holders.
PF account holders: Employees’ Provident Fund Organization i.e. EPFO will, once on the last date of validating the joint form filled by the employees to give an opportunity to the employers to choose the higher pension option. Then can increase.
As of now, the last date to validate the joint form to opt for 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 para 11(3) of EPS-95. In this, EPFO members were allowed to increase their pension contribution by 8.33% of the 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. They 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 asked 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 because of 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.