Employees Provident Fund: Employees Provident Fund Organization has extended the deadline for higher pension. Now till May 3, 2023, application for higher pension can be made. People applying for higher pension are facing many problems. Some eligible employees have complained that this is a cumbersome process.
Now to overcome this complex process, EPFO is planning to issue an explainer on the decision of the Supreme Court issued on 4th November. EPFO has said that this option is open to all the characters. EPFO Implementation, EDLI Committee, EPFO Central Board of Trustees expressed concern in the meeting on Wednesday.
Interest may be decided in the next meeting
A panel said that the budget estimates for 2023-24 were prepared without including the Supreme Court verdict. This can affect the interest rate of 2022-23 to be decided in the meeting of 27 to 28 March. In a conversation with Times of India, Michael Dias, member of CBT and PIEC, said that the interest rate of EPFO depends on the status of the retirement fund.
What the Labor Ministry said
It has been said on behalf of Michael Dias that if the decision of the Supreme Court is not taken into account, it means that its effect on the interest rate is not clear. On the other hand, it has been said by the Ministry of Labor that the budget for RE 2022-23 and BE 2023-24 was prepared in September, while the decision of the Supreme Court came in November. For this reason it has not been included.
Clarification to be issued
On the other hand, the Labor Minister told the Lok Sabha that the decision of the Supreme Court is being implemented. Now it has been planned to issue an explainer to answer all the questions related to higher pension in detail. In this, complete details from registration to qualification etc. will be issued.