Since the contributions of both the employee and employer on higher wages are involved to avail higher pensions, the EPF and EPS-95 schemes require a joint request when they contribute to a higher salary
Around 91,258 retired employees have applied for the higher pension option available under the revised the Employees' Provident Fund Organisation (EPFO) provision, before the last date to apply for the provision expired on March 4, after the Supreme Court had allowed for the option to draw higher pension last year.
"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 the Pension Fund, the past services rendered and the remittances made are necessary for correct calculation of the benefits and valuation of the Pension Fund ", EPFO said in a statement.
The EPFO closed the options on March 4,
First Published: Mar 04 2023 | 11:15 PM IST