EPFO Pension Increase: Exciting News! Important news from EPFO on the pension plan: the deadline has been extended by five months

EPFO Pension Increase: Exciting News! Important news from EPFO on the pension plan: the deadline has been extended by five months

EPFO Pension Increase: Exciting News! Important news from EPFO on the pension plan: the deadline has been extended by five months

EPFO Higher Pension Scheme: In order to qualify for a higher pension, companies must now provide salary information by a deadline of five months later, according to EPFO.

EPFO Higher Pension Scheme: In order to get a larger pension from EPFO upon retirement, a Higher Pension Scheme was introduced under the Employees Pension Scheme (EPS). The deadline for uploading salary information and other data was December 31, 2023. The Ministry of Labor & Employment announced on Wednesday that there has been a five-month extension of this deadline. Employers may input the salary information of their applicants for the program until May 31, 2024.

Additionally, the deadline has been extended earlier.

This Higher Pension system was launched on February 26, 2023, in accordance with the Supreme Court's November 4, 2022 judgment. Originally, it was only intended to last until May 3, 2023, but due to member and pensioner demand, the deadline was extended to June 26, 2023.

Even after that, it was extended until July 11, 2023, or 15 further days. As of right moment, the EPFO has received 17.59 lakh applications from members and pensioners.

The 31st of December was the deadline for inputting information.

EPFO was asked to provide companies and employers' organizations more time to submit the pay information of their members and pensioners. Consequently, it was moved forward to September 30, 2023, and then again to December 31, 2023.

More over 3.6 lakh applications remain for employers to review. Because of this, EPFO has extended the deadline for uploading the pay information online to May 31, 2024.