Option for Higher Pension Scheme
The Government of India’s Ministry of Labour and Employment has recently issued instructions for calling online applications from pensioners who had retired before 01.09.2014 and had exercised joint options for contributing to a pension fund on a salary exceeding the wage ceiling before their retirement but whose joint options were rejected by the Employees’ Provident Fund Organisation (EPFO) due to a cut-off date. The EPFO has also launched an online facility for eligible employees to exercise joint options for contributing to Provident Fund on higher wages until 3rd May 2023.
GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
UNSTARRED QUESTION NO. 1933
TO BE ANSWERED ON 13.03.2023
OPTION FOR HIGHER PENSION SCHEME
PROF. SOUGATA RAY:
Will the Minister of LABOUR AND EMPLOYMENT be pleased to state:
(a) whether the Government has any proposal to extend the time for option for Higher Pension Scheme;
(b) if so, the details thereof;
(c) whether any Central Trade Unions/other stakeholders demanded the same; and
(d) if so, the details thereof and the steps taken in this regard?
MINISTER OF STATE FOR LABOUR AND EMPLOYMENT (SHRI RAMESWAR TELI)
(a) & (b): The Employees’ Provident Fund Organisation (EPFO) on 29.12.2022 has issued instructions to call for online applications from pensioners who had retired before 01.09.2014 and had exercised joint options for contributing to pension fund on salary exceeding wage ceiling before their retirement but whose joint options were rejected by the EPFO (on account of cut-off date). The last date of submission of such applications was 3rd March, 2023.
Further, instructions have been issued by EPFO on 20.02.2023 for calling online joint option from members who were members on 01.09.2014 and who were contributing to Provident Fund on higher wages. Online facility for exercise of joint options from such eligible employees has been launched by EPFO on its website and is available up to 3rd May 2023.
(c) & (d): Representation dated 25.02.2023 has been received from Food Corporation of India Retired Employees’ Welfare Association for extending the last date for submitting validation application by those pensioners who retired before 01.09.2014.
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