May 3 Set As Last Date For EPFO Members To Opt For Higher Pension

The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2024, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension.

The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension.

The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2024, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension.

The Supreme Court gave a four-month window to enable opting for higher pensions. The deadline accordingly should have been around March 3, 2023, but the EPFO only last week came out with the procedure for opting for higher pension under the Employees' Pension Scheme (EPS).

"The joint option for employees who were in service prior to September 1, 2014, and continued to be in service on or after September 1, 2014, but could not exercise joint option under the Employees' Pension Scheme can do so now on or before May 3, 2023," the EPFO said on its website.