EPFO Extends Deadline for Pension Option Submission on Higher Wages

Introduction: The Employees’ Provident Fund Organisation (EPFO) has taken a significant step, in response to the Supreme Court order, by extending the last date for submitting pension options based on higher wages. This move provides eligible pensioners with an additional opportunity to make necessary submissions and ensures their legitimate benefits.

EPFO Extends Deadline for Option Submission

EPFO, adhering to the Hon’ble Supreme Court’s order, launched an online facility on 26.02.2023 to facilitate the submission of Applications for Validation of Option/Joint Options for pension on higher wages. Originally set to close on 03.05.2023, the timeline has been reconsidered to accommodate representations from employees. As a result, the last date has been extended to 11.07.2023, granting eligible pensioners an additional four months for the completion of their applications. To date, EPFO has already received a staggering 16.06 lakh applications.

Last Opportunity for Eligible Pensioners

EPFO’s decision to extend the submission deadline by an additional 15 days serves as a lifeline for eligible pensioners who may have faced difficulties in the submission process. Recognising the potential complications that may arise during the KYC update process, EPFO encourages members to register grievances on the EPFiGMS platform. By selecting the category of ‘Higher Pensionary benefits on higher wages’, the platform ensures that any issue related to the submission process is properly recorded and addressed promptly.

Extension for Employers to Upload Wage Details

EPFO’s decision does not solely focus on pensioners but also takes into account the challenges faced by employers. In response to numerous requests from employers and employers’ associations, EPFO is extending the timeline for uploading wage details of applicant pensioners by an additional three months. This extension, until 30.09.2023, provides employers with a much-needed reprieve and ample time to upload and submit all necessary details online.

Conclusion The EPFO’s extension of the submission deadline for pension options based on higher wages underscores the organization’s commitment to safeguarding the rights of its members. The provision of an extended timeline, a responsive grievance mechanism, and a concession for employers all represent EPFO’s comprehensive approach to ensuring pensioners receive their rightful benefits. This initiative is a noteworthy step towards enhanced transparency and effective administration in the pension process.