EPFO has announced an extension of the deadline for employers to process and upload pending applications for higher pensions under EPS 1995.
This extension comes as a response to multiple requests from employers and their associations for additional time to complete the required submissions.
The final deadline for employers to upload wage details and process applications is now set for January 31, 2025.
Another important date to note is January 15, 2025, by which employers must provide updates or clarifications in over 4.66 lakh cases where additional information has been sought.
EPFO: Application Process and Extensions
EPS 1995 scheme was introduced by EPFO on November 19, 1995.
It is a social security initiative aimed at providing retirement benefits to employees in the organized sector.
The scheme guarantees pension benefits to eligible employees who reach the age of 58.
Following a Supreme Court order on November 4, 2022, EPFO allowed existing employees to opt for a higher pension.
They can now contribute based on their actual (higher) basic pay instead of the fixed threshold of Rs 15,000 per month.
To facilitate this, EPFO launched an online facility on February 26, 2023.
This platform allows eligible pensioners and members to submit their applications for validation of options or joint options.
The initial deadline for submission was May 3, 2023. It was later extended to June 26, 2023, and then to July 11, 2023.
Despite these extensions, over 3.1 lakh applications remain pending. This prompted EPFO to grant a final extension until January 31, 2025.
Government’s Response and Future Plans
Union Labour Ministry has been actively addressing concerns regarding EPS 1995 scheme.
Minister of State for Labour and Employment, Shobha Karandlaje, clarified the eligibility criteria for EPS 1995 pensions.
She assured that the government is committed to providing a minimum pension of Rs 1,000 per month to eligible pensioners.
Additionally, the government is considering revising the pension formula and implementing enhanced pension benefits.
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