EPFO prone to lengthen deadline to use for larger pension: Report

The Employees Provident Fund Organisation (EPFO) is prone to lengthen the deadline by three months for larger EPS pension, The Economic Times has reported citing sources. The deadline to use for a better pension ends at the moment, The EPFO first prolonged deadline from 3 March 2023, to three May 2023. The second time it was prolonged from 3 May 2023 to 26 June 2023.

Who is eligible to use for a better pension from EPS?

Those who have been members of EPF and EPS on September 1, 2014, and continued to be after that date

Those who retired earlier than September 1, 2014, and beforehand opted for larger pensions however their purposes have been rejected by the EPFO authorities.

According to tax and funding knowledgeable Balwant Jain, three elements must be thought-about earlier than rejigging your EPF, EPS accounts

1) Salary: The in the beginning is what’s your take-home wage.

2) Age: Another issue to be stored in thoughts earlier than choice for larger EPS is your age

3) Retirement: Balwant Jain mentioned, one ought to calculate roughly the wage on the time of retirement.

Ahead of the final date of purposes, many EPFO members took on to Twitter to complain concerning the points they’ve been dealing with whereas submitting their larger pension purposes.

“How can we calculate extra quantity to be paid from EPFO corpus for larger pension beneath EPS for which date has been prolonged until twenty sixth June’23? Is there any official calculator accessible? Need pressing help..,” tweeted @neerajkbanand.

“Hi Sir, I am unable to register for this join option for higher pension. Even though all my details are present in EPFO and have joined job before 2014, I am in job since 2006.. took a break in 2018 and now in job. But ERR_ASE00:Error: Input values/Database fields are not matche,” mentioned @amruta2403 in a tweet.

Meanwhile, the retirement fund physique EPFO added 17.20 lakh members on a internet foundation in April this yr, in response to payroll information launched final week.

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Updated: 26 Jun 2023, 02:30 PM IST