The Employees Provident Fund Organisation (EPFO) is likely to extend the deadline by three months for higher EPS pension, The Economic Times has reported citing sources. The deadline to apply for a higher pension ends today, The EPFO first extended deadline from 3 March 2023, to 3 May 2023. The second time it was extended from 3 May 2023 to 26 June 2023.
Who is eligible to apply for a higher pension from EPS?
Those who were members of EPF and EPS on September 1, 2014, and continued to be after that date
Those who retired before September 1, 2014, and previously opted for higher pensions but their applications were rejected by the EPFO authorities.
According to tax and investment expert Balwant Jain, three factors should be considered before rejigging your EPF, EPS accounts
1) Salary: The first and foremost is what is your take-home salary.
2) Age: Another factor to be kept in mind before option for higher EPS is your age
3) Retirement: Balwant Jain said, one should calculate roughly the salary at the time of retirement.
Ahead of the last date of applications, many EPFO members took on to Twitter to complain about the issues they have been facing while submitting their higher pension applications.
“How can we calculate additional amount to be paid from EPFO corpus for higher pension under EPS for which date has been extended till 26th June’23? Is there any official calculator available? Need urgent assistance..,” tweeted @neerajkbanand.
“Hi Sir, I am unable to register for this join option for higher pension. Even though all my details are present in EPFO and have joined job before 2014, I am in job since 2006.. took a break in 2018 and now in job. But ERR_ASE00:Error: Input values/Database fields are not matche,” said @amruta2403 in a tweet.
Meanwhile, the retirement fund body EPFO added 17.20 lakh members on a net basis in April this year, according to payroll data released last week.
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Updated: 26 Jun 2023, 02:30 PM IST