EPFO starts accepting joint options for higher pension
Contents News/Article Date:27th February 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: The Employees’ Provident Fund Organization (EPFO) enabled a web link on its members’ page on February 27, 2023 allowing employees and pensioners to opt for higher provident fund pensions based on actual salary.
Pertains to: Establishments and Members of PF Fund
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing, and Regulatory Compliances right from its inception in 2004 since then, 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 Management is also fully into labor compliance 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 Employees’ Provident Fund Organization (EPFO) enabled a web link on its members’ page on February 27, 2023, allowing employees and pensioners to opt for higher provident fund pensions based on actual salary.
Subject: PFO starts accepting joint options for higher pension
Appended is the complete news item
EPFO starts accepting joint options for higher pension
The EPFO has also extended the time to submit the options till May 3 as the Supreme Court-set deadline for submitting the joint options with employers ends on March 3.
The Employees’ Provident Fund Organization (EPFO) has enabled a web link on its members’ page on February 27, 2023 allowing employees and pensioners to opt for higher provident fund pension based on actual salary. The EPFO has also extended the time to submit the options till May 3 as the Supreme Court-set deadline for submitting the joint options with employers ends on March 3.
The decision is part of implementing the Supreme Court verdict on November 4, 2022 allowing pensioners and workers who are members of the Employees Pension Scheme (EPS) 1995 as on September 1, 2014 to opt for higher pension. “The joint option for employees who were in service prior to September 1, 2014, and continued to be in service on or after September 1, 2014, but could not exercise joint option under the Employees’ Pension Scheme can do so now on or before May 3, 2023,” EPFO said on its web site. There is a separate web link for employees who retired before September 1, 2014 to validate their joint options with the employer.