EPFO making all-out efforts to publicize the process of joint option which can be submitted online till 03rd May 2023
Contents News/Article Date: 4th March 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Applicable to which State: All the establishments in the States with PF coverage
Type: PIB report
Pertains to: Establishments and Members of PF Fund
Relevance of this news: Karma Management Global Consulting Solutions Pvt Ltd is in the business of HR Services, Payroll, Outsourcing, and Regulatory Compliances right from its inception in 2004 since then, it has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory, and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also fully into labour compliances for nearly 18 years and is helping both establishments and workers for the fulfillment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on Pan India basis. Recently, it has diversified into foreign shores as well, into countries like the US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment, and governance.
And in this instance: The online joint (employee and employer) option form with the necessary documents has been hosted by EPFO in the unified portal for contributing on higher salary to the EPS-95. The form paves the way for giving effect to the SC order dated 04.11.2022 while adhering to the basic scheme provisions. More than 8,000 members have already applied online as of date though the submission deadline is 03rd May 2023. Since the contributions of both the employee and employer on higher wages are involved, the EPF and EPS-95 schemes require a joint request when they contribute to higher salaries. This is not a new requirement and predates the EPS-95 and the position has been affirmed by SC in the RC Gupta case stating that it is a necessary pre-cursor for exercising the joint option on higher salary under EPS.
Subject: EPFO making all-out efforts to publicize the process of joint option which can be submitted online till 03rd May 2023
Appended is the complete news item
EPFO making all-out efforts to publicize the process of joint option which can be submitted online till 03rd May 2023
More than 8,000 members have applied online as of date.
Circular dated 20th February 2023 adhere to provisions of the Scheme and complies with Supreme Court orders.
The online joint (employee and employer) option form with the necessary documents has been hosted by EPFO in the unified portal for contributing on higher salary to the EPS-95.
The form paves the way for giving effect to the SC order dated 04.11.2022 while adhering to the basic scheme provisions.
More than 8,000 members have already applied online as of date though the submission deadline is 03rd May 2023.
Since the contributions of both the employee and employer on higher wages are involved, the EPF and EPS-95 schemes require a joint request when they contribute to a higher salary.
This is not a new requirement and predates the EPS-95 and the position has been affirmed by SC in the RC Gupta case stating that it is a necessary pre-cursor for exercising the joint option on higher salary under EPS.
The circular dated 20th February 2023 adheres to the provisions of the Scheme and complies with the Supreme Court orders. The correct assessment of contributions and their deposit and diversion to the Pension Fund, the past services rendered, and the remittances made are necessary for the correct calculation of the benefits and valuation of the Pension Fund.
The EPFO closed the options on the 4th of March 2023 for the retired EPS members (prior to 01.09.2014 and whose options were not considered earlier). It has received 91,258 online applications from this category of employees as of 04.03.2023.
EPFO has been making all-out efforts to publicize the process of joint options which can be submitted online till 03rd May 2023. In respect of persons who were EPF members as of 01.09.2014, the online applications are being preferred by the employees since 27th February 2023 and already 8,897 members have applied to their employers.