Given that more than two months is being given to the employers to upload the wage details, is there still a chance that the EPFO might further extend the deadline for employees to to submit a joint application form for the higher pension?
ET Wealth spoke to experts to find out if a deadline extension is likely to apply for the higher EPS pension. Here is what they had to say:
Manmeet Kaur, Principal Associate, Karanjawala & Co: “Although it’s the discretion of the EPFO to extend the timelines, keeping in mind the difficulties eligible pensions/members have faced and considering that the implementation and the ramification of the scheme are on a large scale, the deadline may be further extended. Moreover, for lack of clarity and other reasonable difficulties — and considering that employers have been granted time till September 30 to verify details of eligible pensioners and members — the EPFO may further extend the timelines reasonably.”
Wasim Beg, Partner, Luthra and Luthra Law Offices India: “The deadline to apply for the higher pension was recently extended to July 11. What needs underlining are the emphatic words used while making this announcement. The EPFO press release started with the words “last opportunity of 15 days is being given……”, not leaving much doubt on the intent to not grant another chance after this. This is the third occasion when the deadline has been extended. Keeping in view all such factors, it would be prudent to consider this being the last opportunity to apply. The earlier extensions were a direct result of a glaring lack of information on part of the EPFO, a problem that seems to have been addressed this time around, and further aided by the fact that any eligible pensioner who faces any issue in updating of KYC or in submitting the online application for validation of option, etc, may reach out to the authorities on EPFiGMS for resolution. Further, to ease the pressure on the employers, the EPFO extended the time needed for them to submit the wage details for every pensioner for the purposes of approving the applications — the deadline now stands at September 30. There is some talk that this deadline may also be extended for the pensioners to apply for this scheme. However, considering how the EPFO has clarified all reasonable doubts and that the applicants have an option to raise their grievances with the EPFiGMS, it would be wise to err on the side of caution and consider this as the ‘last opportunity’.”
Rohit Jain, Managing Partner of law firm Singhania & Co: “This time, the EPFO has given a significant extension of three months. It appears that this may be the final extension because despite glitches on the portal, significant time has been provided and with a longer extension. This time, it seems that the EPFO wants to convey a clear message that this may be the final extension.”Anshul Prakash, Partner, Khaitan & Co: “Employers have been provided with a three-month extension till September 30 for uploading wage details of applicant pensioners/members. Accordingly, no eligible employee can file an application for higher pension benefits after July 11 (unless this date is further extended by the EPFO keeping in view the trend of extensions on the subject the industry has witnessed so far). Extension of timeline for employers to update and upload applicant member details must not be read as a potential extended timeline for members themselves to avail the higher pension benefits. Unless the EPFO comes up with another circular notifying additional timeframe for the beneficiaries, caution must be exercised to ensure adherence to the deadline of July 11, 2023.” PV Murthy, Head of labour practice, Economic Laws Practice: “We don’t see a possibility of another extension. However, one can never say how these matters will be viewed by the EPFO and what decision would be taken by them on this.”