Higher pension – EPFO likely to give employers extension to validate joint forms
Contents News/Article Date: 23rd September 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Penalty under the Act: Whoever, for the purpose of avoiding any payment to be made by himself under this Act [the Scheme, the [Pension] Scheme] or the Insurance Scheme] or of enabling any other person to avoid such payment knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment for a term which may extend to one year, or with fine of five thousand rupees, or with both].
Applicable to which State: Whole of India
Type: Hindu Bureau News Report
Pertains to: Employer and Employee
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and 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 Global is also fully into labour compliances for nearly 18 years and is helping both establishments and workers for fulfilment 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 US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment and governance.
And in the current instance: The Employees Provident Fund Organization (EPFO) is likely to give yet another extension to the employers to validate the joint options of employees for higher provident fund pension. The last date for submitting the validated applications is on September 30.
Subject: Higher pension – EPFO likely to give employers extension to validate joint forms
Appended is the complete news item
Higher pension – EPFO likely to give employers extension to validate joint forms
The last date to validate higher pension claims is September 30
Employers are learnt to have approached the Union Labour Ministry demanding yet another extension citing technical delays in the EPFO website and issues in accessing employment details of the applicants.
The Hindu
The Employees Provident Fund Organisation (EPFO) is likely to give yet another extension to the employers to validate the joint options of employees for higher provident fund pension. The last date for submitting the validated applications is on September 30.
Employers are learnt to have approached the Union Labour Ministry demanding yet another extension citing technical delays in the EPFO website and issues in accessing employment details of the applicants.
Pre-2014 retirees may move court against validity of EPFO circulars
A source in the Ministry indicated that extension of another three months is likely. The source indicated that the Ministry is considering the requests of employers and will take a lenient view. The last date for submitting the joint options for employees ended on July 11.
The EPFO had opened the online facility to submit joint options on February 26, 2023 as part of implementing a Supreme Court verdict on higher PF pension. The time to submit the joint options was supposed to end on May 3. Later, trade unions and representatives of employers had approached Union Labour Minister Bhupender Yadav requesting him to extend the time limit. It was extended to June 26 and again to July 11 to employees and three more months till September 30 to employers. The EPFO had said it received a huge number of applications for validation of option/joint options.