EPFO extends deadline till May 31 for employers to upload details of those opting higher pension

Retirement fund manager Employees' Provident Fund Organisation (EPFO) has extended the deadline for employers to upload wage details of those opting for higher pension to its database by 5 months. The deadline has been extended till May 31.

Previously, the deadline for companies to enter wage details for those choosing greater pensions on increased contributions was December 31, 2023, according to a labour ministry statement.

EPFO had previously issued all of its subscribers with an online application for validation of option/joint choices for pension on higher contributions.

In accordance with the Supreme Court judgement dated November 4, 2022, the higher pension option was made available to qualified pensioners/EPFO members.

The online application system became live on February 26, 2023, with a deadline of May 3, 2023.

However, in response to staff concerns, the deadline was pushed up to June 26, 2023, to give eligible pensioners/members a full four months to file applications.

Applicants were given an additional 15 days and the last date for submission of applications for validation of option/ joint options by employees was extended till July 11, 2023.

Until July 11, 2023, around 17.49 lakh applications from pensioners/members have been received.

In response to representations received from businesses and employers' associations requesting that the time limit for uploading wage details of applicant pensioners/members be extended, employers were given a further three months to submit wage details, etc. online by September 30, 2023 at the latest.

Following additional representations from employers and employers' associations, the deadline was later extended to December 31, 2023.

According to the report, more than 3.6 lakh applications for validation of option/joint options are still sitting with employers for processing.

As a result, the ministry stated that in order to ensure that employers handle the remaining applications, the Chairman of the EPFO's CBT (Central Board of Trustees) has authorised the plan to grant another extension of time for employers for uploading wage details online till 31st May, 2024.