Published by: Debalina Day
Last updated time: 13 March 2023, 23:21 IST
The deadline for all other categories of scheme subscribers is May 3, 2023.
For these pensioners, the period for opting for higher pension ended on March 3, 2023.
All eligible pensioners under the Employees’ Pension Scheme, 1995 (EPS 95) who retired before September 2014 can apply to opt for higher pension by May 3 this year.
For these pensioners, the period for opting for higher pension ended on March 3, 2023.
“Now, on the request of the employees/employers association, the Chairman, Central Board of Trustees has extended the application deadline for review of joint options of such employees till May 3, 2023,” the Labor Ministry said in a notification on Monday.
The Supreme Court had previously ruled that employees who retired before September 1, 2014 and exercised the option under clause 11 (3) before retirement are entitled to higher salary pension.
Instructions in this regard were sent vide circulars to the local offices on December 29, 2022 and January 5, 2023.
Online facility for submission of joint option validation applications for employees who retired before September 1, 2014 and exercised joint options is now available on EPFO website till March 3, 2023.
The deadline for all other categories of scheme subscribers is May 3, 2023.
Parliament was informed on Monday that the opt-out period for senior pension for eligible pensioners under the Employees’ Pension Scheme 1995 (EPS-95) who retired before September 2014 ended on March 3 this year.
In November last year, the Supreme Court in its order had asked the pension fund body Employees Provident Fund Organization (EPFO) to give four months time to another category of EPS-95 subscribers to opt for higher pension.
Under this option, subscribers can contribute their actual basic salary above the pensionable salary (limit) of Rs 15,000 per month. Thus, they will end up receiving a higher pension as their pension contributions increase.
“As per the directions of the Supreme Court judgment dated November 4, 2022, EPFO has accepted online applications from the pensioners who retired on December 29, 2022 before September 1, 2014 and availed the joint facility of salary contribution to the pension fund. Exceeding salary limit before retirement but joint options not accepted by EPFO (on account of ninety days).
“The joint options of this category of pensioners should be given on or before March 3, 2023,” Minister of State for Labor and Employment Rameshwar Teli said in a written reply to the Lok Sabha.
The minister told the House that EPFO has issued instructions on February 20, 2023 about online joint options for employees who were in service till September 1, 2014 and continue to serve. After September 1, 2014, but before 1995. Failed to exercise joint option under Clause 11 (3) of Employees’ Pension Scheme.
Joint options for this category of employees may be granted on or before May 3, 2023, he said.
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(This story was not edited by News18 staff and was published by a syndicated news outlet)
