Higher Pension From EPS: Will EPFO Extend Deadline on May 3? Here’s What Experts Say

EPFO Higher Pension: Experts said there is no clarity regarding the mechanism and calculations that will be followed for the reallocation of funds from the provident fund to the pension fund.

Written by: India.com Business Desk Edited by: Manmath Nayak

Published: May 2, 2023, 9:42 PM IST

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Good News For Retired Employees: EPFO Extends Deadline To Apply For Higher Pension; Check Details Here

Higher Pension From EPS: May 3 is the last date to apply for higher pension from Employees’ Pension Scheme (EPS). The earlier deadline was March 3, 2023, which was later extended to May 3, 2023. However, with the procedural hassles and no clear guidance from the Employees’ Provident Fund Organisation (EPFO) on how the reallocation of funds will be done to adjust past contributions, experts say that the deadline should be extended again. Even as the date is not extended, experts say that the applicants may approach the court for an extension on grounds of portal bugs, pending clarifications etc.

Notably, the EPFO might extend the deadline to give more clarity as there are several aspects which need to be simplified.

Speaking to CNBC-TV18.com, Vaibhav Bhardwaj, partner at IndusLaw said an extension is extremely necessary in the present circumstances, since not only have claimants faced difficulties in availing the online filing option due to technical difficulties, but there is also a lack of clarity regarding the process to be followed and information to be submitted for claiming the higher pension amount.

He said there is no clarity regarding the mechanism and calculations that will be followed for the reallocation of funds from the provident fund to the pension fund.

Apeksha Lodha, Partner, Singhania & Co, told Business Today, said that the portal had certain bugs due to which a number of applicants faced problems in submitting their applications.

She said the EPFO has not offered any clarifications on certain pending issues due to which certain applicants may not be able to decide whether to opt for the scheme or not.

The EPFO had in February introduced this new process to help subscribers to apply for higher pensions under the EPS as per the Supreme Court’s November 4, 2022 order.

The EPFO had earlier stated that the existing employees and those who were members of EPS as on September 1, 2014, can claim higher pension based on actual salary beyond the prescribed ceiling in the EPS of 1995.