The deadline for retired employees to apply for a higher pension under EPS has been extended by EPFO until May 3, 2023.

In a press release dated March 13, 2023, the Employees' Provident Fund Organization (EPFO) announced the extension of the deadline for submitting applications for higher pensions under the Employees' Pension Scheme (EPS) to May 3. For employees who retired before September 1, 2014, exercised their choice to get the higher pension, but had their claims denied by the provident fund authorities, the deadline has been extended. Originally, the deadline for such employees was March 3, 2023. 
The press release issued by the retirement fund body also stated , “The Supreme Court had held that the employees who have retired before 1st September 2014 and had exercised the option under paragraph 11(3) prior to their retirement shall be eligible for pension on higher wages. Instructions in this regard had been issued to field offices vide circular dated 29.12.2022 and 05.01.2023. Online facility for submitting applications for validation of joint options to the employees who retired before 01.09.2014 and had exercised joint options before their retirement had been provided on the EPFO Website till 03.03.2023. Now, on demand of the employees’/employers’ associations the Chairman, Central Board of Trustees, has extended the time for submitting applications for validation of joint options from such employees till 3rd May 2023.”
For employees who were working on September 1, 2014, and continued to work after that date, but missed the opportunity to apply for the higher pension, the EPFO had extended the deadline for filing of applications for the higher pension under EPS. The deadline to submit an application for these employees increased pension is May 3, 2023. 
According to the EPFO's most recent statement, May 3, 2023, has been set as the deadline for all eligible employees to submit an application for the higher pension.
In its ruling from November 4, 2022, the Supreme Court had given eligible employees four months from the date of the ruling to choose the higher pension. The application deadline was thus extended to March 3, 2023. 
The EPFO issued a circular for current employees on February 20, 2023, therefore there was a need to extend the deadline for submitting applications for the higher pensions as  who eligible had less than 15 days to submit their application after the announcement. Additionally the circular also stated that a second circular would be released to clarify the how pension calculations are made. 
The latest extension offered all eligible workers a comparable window of opportunity to choose a higher pension. The EPFO has not yet clarified how the employees' additional 1.16% contribution will be collected. While upholding a 2014 notification, the Supreme Court has invalidated the clause requiring employees whose basic salaries exceed Rs15,000 to pay an extra 1.16%. This clause was postponed for six months to give the retirement fund body time to come up with alternative solutions.



To continue

Sign Up or Sign In


We are listening!

Solve the equation and enter in the Captcha field.

Changes in Our Business Model
25th Sept 2020
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
Debashis Basu