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This is the third such extension. The body in charge of the provident fund had previously extended the deadline twice, first from March 3 to May 3 and then to June 26. The deadline was extended to give pensioners more time to solve any issues they might have.
In November last year, the Supreme Court had allowed employees who were part of the EPFO before September 1, 2014 and had been in service after the said date but could not avail the joint option under the EPS, to do so within four months of the order.
EPS Higher Pension: EPF vs Employee Pension Scheme – What To Opt For | EPS Calculation
(The above video was released before the EPFO released the formula for calculation of pension. However, it provides a detailed and simple explanation on the topic of higher
What is the higher pension option?
Higher pension option means that an employee has opted for higher allocation of employer’s contribution to the Pension Scheme. To the extent employer’s contributions are allocated to the Pension Scheme on higher salary, the corpus under the Provident Fund Scheme goes down.
Also Read | Employees’ Pension Scheme: Should you opt for higher EPS? Here’s all you need to know
Please note that there is no additional cost for the employer or the employee under the higher pension option. One should also remember that while under the Pension Scheme an employee is eligible for monthly pension post attaining 58 years of age, under the Provident Fund Scheme, an employee is eligible for lump sum withdrawal on retirement or on specified events.
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