Labour Ministry asks EPFO to speed up work on higher pension
Contents News/Article Date:15th 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: News report
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 labour 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 deadline set by the Supreme Court for submitting joint options of employees and employers to claim higher Provident Fund pension is ending on March 4
The Ministry has asked the EPFO to spell out the procedures for submitting joint options for those who retired after September 1, 2014, and subscribers of the Employees’ Pension Scheme (EPS) who are currently working.
Subject: Labour Ministry asks EPFO to speed up work on higher pension
Appended is the complete news item
Labour Ministry asks EPFO to speed up work on higher pension
The deadline set by the Supreme Court for submitting joint options of employees and employers to claim higher Provident Fund pension is ending on March 4
HINDU News report – February 15, 2023, 09:25 pm | Updated February 16, 2023, 08:43 am IST – New Delhi
The Union Labour Ministry has asked the EPFO to spell out procedures for submitting joint options for those who retired after September 1, 2014, and subscribers of the Employees Pension Scheme who are currently working.
As the deadline set by the Supreme Court for submitting joint options of employees and employers to claim higher Provident Fund pension is ending on March 4, the Union Labour Ministry has sent a letter to the Employees’ Provident Fund Organisation (EPFO) asking it to expedite the process so that those who want to claim a higher pension based on higher salary can avail the option. The Ministry has asked the EPFO to spell out the procedures for submitting joint options for those who retired after September 1, 2014, and subscribers of the Employees’ Pension Scheme (EPS) who are currently working.
A senior official of the Labour Ministry said that the letter was sent last week. “We expect that the EPFO will release a circular with the procedures this week,” the officer added. The Ministry has also asked the EPFO to be specific about the processes for those who retired before and after September 1, 2014, and currently working as EPS subscribers.
The delay in issuing the circular was taken up in both the Houses during the Budget Session of Parliament too. CPI(M) MP John Brittas had written to Union Labour Minister Bhupender Yadav recently urging his intervention to expedite the process. The Opposition MPs had questioned the EPFO’s notices to several pensioners who retired before September 1, 2014, that their pension would be stopped if they do not present the details of their joint options submitted to the EPFO for availing higher pension based on a salary higher than the ceiling of ₹5,000 and ₹6,500.
A recent circular of the EPFO asked its regional offices to revise pension entitlements and recover the amount if anyone has received the pension without exercising any option under paragraph 11(3) of the EPS. “The new circular will address all issues concerning the Supreme Court order,” the official added.