Introduction: The Ministry of Labour & Employment, through the Employees’ Provident Fund Organization (EPFO), has announced a significant extension for employers. The extension pertains to the deadline for uploading wage details and related information concerning pension on higher wages. This development aims to accommodate employers and ensure a smoother process for validating pension options.
Detailed Analysis:
- Online Facility for Validation of Pension Options: EPFO introduced an online facility for the submission of applications for the validation of pension options on higher wages. The move followed the Hon’ble Supreme Court order dated 04.11.2022. Initially, the facility was accessible until 03.05.2023.
- Extension of Application Submission Period: In response to representations and to provide adequate time, the submission period for applications was extended to 26.06.2023. Additionally, a last opportunity of 15 days allowed applicants to address any difficulties encountered. The final date for submitting applications was then extended to 11.07.2023.
- Employers’ Time Extension for Wage Details: Recognizing requests from employers and employers’ associations, EPFO granted a further three-month extension for employers to submit wage details online, with the deadline set at 30.09.2023. This deadline was later extended to 31.12.2023.
- Pending Applications and Additional Employer Extension: Despite the extensions, more than 3.6 lakh applications for the validation of pension options are still pending with employers. In response, the EPFO Chairman approved another extension for employers. They now have until 31st May 2024 to upload wage details online, ensuring the processing of the remaining applications.
Conclusion: The Ministry of Labour & Employment’s recent decision to extend the deadline for employers underscores a commitment to facilitating a streamlined process for validating pension options on higher wages. With the latest extension until 31st May 2024, employers have additional time to upload wage details online. This proactive approach aims to address pending applications and enhance overall compliance within the EPFO framework. Employers and stakeholders should stay informed about these developments to meet the revised deadlines and contribute to the efficient functioning of the EPFO system.
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Ministry of Labour & Employment
EPFO extends five months time for Employers to upload wage details etc. regarding Pension on Higher Wages
Posted On: 03 JAN 2024
Earlier an online facility was made available by EPFO for submitting Applications for Validation of Option /Joint Options for pension on higher wages. The facility was for eligible pensioners / members in compliance with the Hon’ble Supreme Court order dated 04.11.2022. The facility was launched on 26.02.2023 and was to remain available only till 03.05.2023. However, considering the representations of the employees, the time limit was extended to 26.06.2023 in order to provide complete four months’ time to eligible pensioners / members for filing applications.
A last opportunity of 15 days was further given to remove any difficulty faced by the eligible pensioners/ members. Accordingly, the last date for submission of Applications for Validation of Option / Joint Options by employees was extended to 11.07.2023. 17.49 lakh Applications for Validation of Option / Joint Options have been received from pensioners / members till 11.07.2023.
In view of representations received from Employers & Employers’ Associations wherein requests were made to extend time period for uploading wage details of applicant pensioners / members, the employers were also given 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.
More than 3.6 lakh Applications for Validation of Option / Joint Options are still pending with the employers for processing.
Therefore, in order to ensure that employers process these remaining Applications for Validation of Option / Joint Options, the Chairman, CBT EPF has kindly approved the proposal to grant another extension of time for the employers for uploading wage details online etc till 31st May, 2024
