To apply for pension on higher salary, the government is giving the opportunity to submit documents online. EPFO says that this is the last chance being given to the companies because despite several extensions, it has been observed that many applications are still pending with the companies for validation. Many organizations have requested to extend the deadline for uploading details.
The Employees Provident Fund Organization (EPFO) has 3.1 lakh applications pending for higher pension. EPFO has now extended the deadline for companies to share salary details on online platforms till January 31, 2025.
EPFO is giving an opportunity to submit documents online to apply for pension on higher salary. EPFO has also asked companies to respond or update information in 4.66 lakh cases for which clarification has been sought.
Why did EPFO extend the deadline
EPFO says that this is the last chance being given to the companies, because despite several extensions, it has been observed that many applications are still pending with the companies for validation. Many companies and organizations have also requested to extend the deadline for uploading salary details.
This facility was started by EPFO on 26 February 2023. It was to end by 3 May 2023. Then employees and companies were given an additional four months to file the application and the deadline was extended to 26 June 2023. Now they have been given the last chance.
The Supreme Court, in one of its decisions on November 4, 2022, had asked to give the option of giving pension to the employees on higher salary. After that EPFO started this whole process.
PF account holders will get special facility
Members of Employees Provident Fund Organization (EPFO) and Employees State Insurance Corporation (ESIC) will soon be able to use the claim money through e-wallet. Responding to a question about withdrawing PF money from ATM, Sumita Davara, Secretary in the Union Ministry of Labor and Employment, said that insured persons and contributors are very interested in how I can withdraw my money easily.
In cases of auto settlement, the money goes to the bank account and members can currently withdraw it from any ATM. He said that now you are talking about how the claim amount can go directly to the wallet or something else. A mechanism has to be created for this. For this we have started talking to the banks.
He said that we are also making a plan for how we can implement it practically. At present, EPFO has about seven crore active members. EPFO is developing the necessary IT infrastructure to simplify the process of withdrawing money from PF account. With this, PF account holders will be able to withdraw PF deposited money in less time.