Applications for higher pensions under EPS to be assessed within 20 days of receipt: EPFO
The extended deadline to apply for higher pension on actual salary under the Employees' Pension Scheme (EPS) is June 26.
The joint applications (by employee and employer) for higher pensions under the Employees' Pension Scheme (EPS) will have to be scrutinised within 20 days of receipt, the Employees' Provident Fund Organisation (EPFO) has directed its field officers.
The directive came in the form of a circular on Friday.
“Hence, it is reiterated that each Applications for Validation of Joint Option/Joint Option shall be scrutinized expeditiously and it shall be ensured that Demand Letter to Employer/Communication to Employer is issued for providing any additional proof or evidence or correct any mistakes/errors (including made by employers/pensioners) in respect of each Application for Validation of Joint Option/Joint Option within 20 days of receipt of the application in the login of the Dealing Assistant,” point (4.) of the circular read.
The deadline to apply for higher pension on actual salary under the EPS is June 26; earlier, the deadline was May 3, but was extended by the retirement fund body.
Who are eligible for higher pension under EPS?
People who were EPFO members and EPS subscribers prior to September 1, 2014, and who continue to be in service, but had missed choosing the higher pension option earlier, can apply for a higher pension.
On the other hand, those who retired before the said date, but had signed up for the option, must validate the information. The validation will be done by the employer, and then EPFO field officers will assess the information.
Also, joint applications are filed by employees who opt for pension on the actual salary, instead of the statutory one ( ₹15,000).