EPFO Likely To Extend Deadline For Higher EPS Pension Application
The Employees Provident Fund Organisation (EPFO) is reportedly considering a three-month extension for the deadline to apply for a higher pension under the Employees' Pension Scheme (EPS), as reported by a media house. The current deadline is set to end today, but the EPFO is expected to provide additional time for eligible individuals to submit their applications.
Previously, the EPFO had already extended the deadline from 3 March 2023 to 3 May 2023, and then to 26 June 2023. This potential further extension aims to accommodate more individuals who qualify for a higher pension under the EPS.
To be eligible for applying for a higher pension from EPS, individuals must have been members of both the Employees' Provident Fund (EPF) and EPS on or after 1 September 2014. This includes individuals who retired before 1 September 2014, and had previously opted for higher pensions, but their applications were rejected by the EPFO authorities.
According to tax and investment expert Balwant Jain, there are three key factors that should be considered before making changes to EPF and EPS accounts:
Salary: It is essential to evaluate the take-home salary as the primary factor.
Age: Age plays a significant role in the decision to opt for a higher EPS pension.
Retirement: Calculating the approximate salary at the time of retirement is crucial.
Ahead of the impending deadline, several EPFO members took to Twitter to express their concerns and difficulties in submitting their applications for a higher pension.
In April, the EPFO recorded a net addition of 17.20 lakh members, as per payroll data released last week, indicating an increase in EPFO membership.
