The online joint (employee and employer) option form with the necessary documents has been hosted by EPFO in the unified portal for contributing on higher salary to the EPS-95. The form paves the way for giving effect to the SC order dated 04.11.2022, while adhering to the basic scheme provisions. More than 8,000 members have already applied online as on date though the submission deadline is 03rd May, 2023.
Since, the contributions of both the employee and employer on higher wages are involved, the EPF and EPS-95 schemes require the joint request when they contribute on higher salary. This is not a new requirement and predates the EPS-95 and the position has been affirmed by SC in the RC Gupta case stating that it is a necessary pre-cursor for exercising joint option on higher salary under EPS.
The circular dated 20th February 2023 adheres to the provisions of the Scheme and complies with the Supreme Court orders. The correct assessment of contributions and their deposit and diversion to Pension Fund, the past services rendered and the remittances made are necessary for correct calculation of the benefits and valuation of the Pension Fund.The EPFO closed the options on 4th of March 2023 for the retired EPS members (prior to 01.09.2014 and whose options were not considered earlier). It has received 91,258 online applications from this category of employees as on 04.03.2023.
EPFO has been making all-out efforts to publicize the process of joint option which can be submitted online till 03rd May, 2023. In respect of persons who were EPF members as on 01.09.2014, The online applications are being preferred by the employees since 27th February,2023 and already 8,897 members have applied to their employers.
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