The Employees’ Provident Fund Organisation (EPFO) has extended the deadline for employers to process and upload pending applications for the validation of options or joint options related to pensions on higher wages. The new deadline is set for January 31, 2025. This extension comes after multiple requests from employers and their associations for more time to complete the required submissions.
There are currently around 3 lakh pending applications. The online facility for submitting applications was initially launched on February 26, 2023, with an original deadline of May 3, 2023. However, due to numerous representations from employees, the submission period was extended to June 26, 2023, to provide a full four months for eligible pensioners and members to file their applications.
The Ministry of Labour and Employment stated in a press release that this is the final extension granted by the EPFO.
Deadline extended for EPFO wage applications
They urge all employers to ensure that pending applications are submitted within the newly extended time frame to avoid any further delays.
In related news, a parliamentary panel has recommended an upward revision of the Employee Provident Fund (EPF) pension. The minimum pension currently stands at ₹1,000 per month, a figure that has remained unchanged for over a decade, despite the increase in the cost of living from 2014 to 2024. The government recently approved a Centralised Pension Payment System for the Employee Pension Scheme (EPS) that will enable pension disbursement from any bank in the country.
This system is set to be rolled out on January 1, 2025, and is expected to benefit over 78 lakh pensioners. The Parliamentary Standing Committee on Labour tabled a report in Parliament on December 16, stating, “In light of the significant increase in the cost of living between 2014 and 2024, and based on evidence from various stakeholders in 2023, the committee feels there’s a pressing need to consider increasing the pension amount.”
The Union Finance Ministry had proposed raising the monthly minimum pension in the Employee Pension Scheme to ₹2,000 in February, based on recommendations from a government-appointed monitoring committee. As these discussions continue, the implementation of the Centralised Pension Payment System marks a significant step towards improving the pension disbursement process for millions of pensioners across India.
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