EPFO making all efforts to publicise process of joint option

New Delhi: EPFO has been making all efforts to publicise the process of joint option which can be submitted online till May 3, said the Ministry of Labour and Employment on Saturday in a statement. 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, it added.

"The form paves the way for giving effect to the SC order dated November 4, 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 May 3, 2023," it further said.

'It is a necessary precursor for exercising joint option on higher salary under EPS'

The Ministry also emphasised that 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 precursor for exercising joint option on higher salary under EPS," it added.

EPFO closed the options for the retired EPS members on March 4

"The circular dated February 20 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 Saturday for the retired EPS members (prior to September 1, 2014 and whose options were not considered earlier). It has received 91,258 online applications from this category of employees as on Saturday," said the statement.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)