EPFO: All confusion regarding higher pension will be removed, EPFO will issue clarification on Supreme Court's decision

Employees Provident Fund: Employees Provident Fund Organization has extended the deadline for higher pensions. Now till May 3, 2023, applications for higher pension can be made. People applying for higher pensions are facing many problems. Some eligible employees have complained that this is a complicated process.

Now to overcome this complicated 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, and EPFO Central Board of Trustees expressed concern in the meeting on Wednesday.

Interest can be decided in the next meeting
A panel said the budget estimates for 2023-24 were prepared without including the Supreme Court judgement. This can affect the interest rate of 2022-23 to be decided in the meeting of 27 to 28 March. During a conversation with Times of India, Michael Dias, a member of CBT and PIEC, said that the interest rate of EPFO depends on the condition 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 will be issued
At the same time, 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 eligibility etc. will be issued.