EPFO members can apply for higher pension till May 3

New Delhi: All eligible members can opt and apply jointly with their employers for higher pension till May 3, 2023, at unified members’ portal of the retirement fund body EPFO.

Earlier, there were apprehensions that March 3, 2023, is the last date for opting for higher pension.

The URL on the EPFO unified members’ portal activated recently shows clearly that the last date for availing the option of higher pension is May 3, 2023.

Earlier, the Supreme Court in its order on November 4, 2022, had mandated the Employees’ Provident Fund Organisation (EPFO) to provide four months to all eligible members to opt for higher pension.

The four-month period for opting for higher pension was to end on March 3, 2023, in view of apex court order. Thus, there were apprehensions among members that the deadline will end on March 3, 2023.

Last week, EPFO came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under Employees’ Pension Scheme (EPS).

In November 2022, the Supreme Court had upheld Employees’ Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards EPS.