The Employees’ Provident Fund Organisation (EPFO) on Wednesday gave a five-month extension till May 31 for employers to upload wage details online for those opting for higher pension. At least 17.49 lakh applications for validation of option or joint option have been received from members till July 11, 2023, a Labour Ministry statement said. More than 3.6 lakh applications for validation of option or joint option are still pending with the employers for processing, it said. The EPFO had kept the deadline to apply for higher pensions till July 11. Following this, it gave further three months to employers till September 30 and then another extension till December 31, while employees were given time till July 11 to submit their applications. “In view of representations received from Employers & Employers’ Associations wherein requests were made to extend the time period for uploading wage details of applicant pensioners / members, the employers were also given a further period of three months to submit wage details etc. online latest by 30.09.2023. This time was further extended till 31.12.2023 because many representations were received from Employers & Employers’ Associations wherein requests were made to extend further time period for uploading wage details of applicant pensioners / members,” it said. The Supreme Court in a ruling on November 4, 2022 had upheld the amendments to the Employees’ Pension (Amendment) Scheme, 2014, providing another chance for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their ‘actual’ salaries — as against 8.33 per cent of the pensionable salary capped at Rs 15,000 a month — towards pension. Last month, in a circular to its field officers, the EPFO stated that the pensionable formula for those opting for higher pension will be calculated as per para 12 of the EPS and that “the date of commencement of pension will determine the applicable formula for calculation of pensionable service, pensionable salary and pension”. For those who will retire in the future, say in 2030, the EPFO said the pension will be calculated based on the provisions of EPS, 1995 that will “exist as on the date of the commencement of pension”. Though the FAQs stayed silent about any change in the pensionable formula, people in the know had said that there could be tweaks in the pensionable formula for those who retire in the future going ahead.
