According to EPFO, currently, the deadline to apply for a higher pension under the EPS is June 26, 2023 The deadline has been already extended two times earlier.
The initial last date to apply for the provision of a higher pension was March 3, 2023. EPFO has extended the last day to opt for a higher pension by 60 days to May 3, 2023, and then another extension of June 26.
However, due to a lack of clarity on some issues, many people are still unsure about applying for the higher EPS option.
Recently, in June, EPFO issued two circulars; 1) on the list of documents to be submitted for claiming higher EPS-95 & pension computation method and 2) the retirement fund body, epfo sets a deadline for validation of joint declaration.
During this process, the field officers will carefully examine the submitted data and documents and communicate with employers or pensioners if any additional proof or correction is needed.
However, the process for submitting a joint application by the employees was extremely complicated earlier, in particular the mandatory requirement of furnishing details of the option under para 26 (6) of the Scheme, 1952. Let’s look at the expert’s opinion on extending the deadline.
Experts’ Views
Sanket Jain, Partner, Pioneer Legal told Business Today, “Since the EPFO department has considerably delayed the clarifications on the application process and computation of higher pension, with the most recent circular issued on June 14, the department will have to extend the last date for submission (June 26). In fact, the department may have to accept applications post the deadline in cases where sufficient reasons for delay are provided.”
Amar Nath Verma, Former Executive Director-HR, told SightsIn Plus, “Already the EPFO has extended the deadline 2 times, It may not extend further the deadline to opt for higher EPS pension”
Kriti Kaushik, Partner, Shardul Amarchand Mangaldas & Co. told Business Today, “While the EPFO has issued multiple circulars over the course of time to provide clarity on the application process for availing the higher pension option, there are still several aspects that remain unanswered. There are also cases where the relevant data is either not available with the last employer or is not traceable due to the business having transferred or merged with other entities. Given these issues, one can reasonably expect a possible extension in the timeline of June 26, 2023.
If you are interested and willing to opt for a higher pension, Monday, June 26, 2023, is the last date to apply for EPS-95 higher pension.
