The Employees’ Provident Fund Organisation (EPFO) has announced that subscribers or pensioners who opt for a higher pension will have three months to give their consent for diverting additional contributions or dues under the Employees’ Pension Scheme (EPS). This decision was made in response to a circular issued on Thursday.
Previously, in November 2022, the Supreme Court had directed the government to allow subscribers four months to choose a higher pension.
To facilitate this process, the EPFO has created an online platform for submitting a joint option form. This form must be completed by both the employer and the employee, and it allows the subscriber to choose a higher pension by diverting a portion of their contributions or dues to the EPS.
This move is expected to benefit a large number of EPFO subscribers and pensioners who wish to increase their pension benefits. The additional contributions will be used to create a separate pension account, which will provide a higher monthly pension amount for the subscriber.
The EPFO’s decision to provide a three-month window for opting for a higher pension is a positive development for its subscribers and pensioners. This will allow them to make an informed decision about their retirement savings and ensure that they receive the benefits they are entitled to. The online platform for submitting the joint option form will also make the process more convenient and accessible for all concerned.
