The Staff Provident Fund Organisation (EPFO) is prone to prolong the deadline by three months for larger EPS pension, The Financial Instances has reported citing sources. The deadline to use for the next pension ends right now, The EPFO first prolonged deadline from 3 March 2023, to three Could 2023. The second time it was prolonged from 3 Could 2023 to 26 June 2023.
Who’s eligible to use for the next pension from EPS?
Those that had been members of EPF and EPS on September 1, 2014, and continued to be after that date
Those that retired earlier than September 1, 2014, and beforehand opted for larger pensions however their purposes had been rejected by the EPFO authorities.
In line with tax and funding professional Balwant Jain, three elements must be thought of earlier than rejigging your EPF, EPS accounts
1) Wage: The before everything is what’s your take-home wage.
2) Age: One other issue to be saved in thoughts earlier than choice for larger EPS is your age
3) Retirement: Balwant Jain mentioned, one ought to calculate roughly the wage on the time of retirement.
Forward of the final date of purposes, many EPFO members took on to Twitter to complain concerning the points they’ve been going through whereas submitting their larger pension purposes.
“How can we calculate extra quantity to be paid from EPFO corpus for larger pension beneath EPS for which date has been prolonged until twenty sixth June’23? Is there any official calculator out there? Want pressing help..,” tweeted @neerajkbanand.
“Hello Sir, I’m unable to register for this be part of choice for larger pension. Regardless that all my particulars are current in EPFO and have joined job earlier than 2014, I’m in job since 2006.. took a break in 2018 and now in job. However ERR_ASE00:Error: Enter values/Database fields should not matche,” mentioned @amruta2403 in a tweet.
In the meantime, the retirement fund physique EPFO added 17.20 lakh members on a web foundation in April this yr, in accordance with payroll knowledge launched final week.
Up to date: 26 Jun 2023, 02:30 PM IST