3rd May 2023: last day to apply for higher pension from EPS

3rd May 2023 is the last day to apply for higher pension from the Employee Provident Scheme Eligible people shouldn't miss this opportunity as after tomorrow the application will be closed.

The Employee Provident fund organisation has already extended the deadline once. As per Economic Times, the Supreme Court judgement has allowed a time period of four months from the date of the order, i.e., till March 3, 2023. However, the EPFO delayed the implementation of the order and issued the circular for the same on December 29, 2022 and then again on February 20, 2023. To allow the adequate time to eligible employees, the deadline was extended to May 3, 2023.

As per Supreme Court anyone who is an EPS member as on 1st September 2014 are eligible to apply for higher contributions. As per EPFO's circular dated December 29, 2022, employees whose contribution to the EPF scheme was higher than the wage ceiling of Rs 6,500 or Rs 5,000, are eligible for higher pension contributions. An employee with a basic salary exceeding Rs 15,000 per month at the time of joining the EPF scheme will not be able to apply for higher pension contribution. Any employee who retired before 1st september 2014 but didn't opt for higher contributions will not be eligible to apply now.

Eligible candidates can submit joint application form for higher pension on the EPFO's Member Sewa portal. The Supreme Court in its 2014 judgement had struck down the portion of EPFO 2014 notification which asked employees to make additional 1.16% contribution to the EPS account if higher EPS pension was opted at that time. EPFO is yet to clarify on how this additional 1.16% EPS contribution will be considered.