Deadline for eligible pensioners to opt for higher pension ended on March 3 this year: Labour Minister

New Delhi, March 13

The deadline for eligible pensioners under the Employees Pension Scheme 1995 (EPS-95), who retired before September 2014, to opt for higher pension ended on March 3 this year, Parliament was informed on Monday.

In November last year, the Supreme Court in its order asked the retirement fund body Employees’ Provident Fund Organisation (EPFO) to give four-month time to a different category of subscribers of the EPS-95 to opt for a higher pension.

Under this option, the subscribers are able to contribute to their actual basic wages, which are higher than the pensionable salary (threshold) of Rs 15,000 per month. Thus, they would get higher pensions eventually as their pensionable salary for fixing pension would increase.

“As per directions…of Supreme Court judgment on November 4, 2022, online applications were called by EPFO on December 29, 2022, from pensioners who had retired before September 1, 2014, and had exercised joint option for contributing in pension fund on salary exceeding wage ceiling before their retirement but whose joint options were rejected by the EPFO (on account of cut-off date).

“Joint options for this category of retirees were to be filed on or before March 3, 2023,” stated Minister of State for Labour and Employment Rameshwar Teli in a written reply to the Lok Sabha.

The minister told the House that the instructions have been issued by the EPFO on February 20, 2023, for online joint options to be filed by the employees, who were in service prior to September 1, 2014, and continued to be in service on or after September 1, 2014, but could not exercise joint option under erstwhile proviso to paragraph 11 (3) of Employees’ Pension Scheme (EPS), 1995.

Joint options for this category of employees can be filed on or before May 3, 2023, he stated.

Further, he stated that the implementation of the judgment of the Supreme Court is being examined.

It has legal, financial, actuarial and logistical implications, he said, adding that all pension funds have to be sustainable for future generations. Therefore, in the larger public interest and that of social security, it is imperative that the pension funds are kept in good financial health so that pension payment liabilities in future are met.

The number of retired employees covered under the scheme will depend on the number of online applications /joint options filed by them as the last date to submit joint option is May 3, 2023, he added.

In another reply, the minister stated that a total of approximately 1.30 crore vacancies have been mobilised on NCS (National Career Service) portal till March 1, 2023, including the vacancies in the public and private sectors all over India.

The National Career Service (NCS) project is being implemented by the government to provide a variety of employment-related services like job search and matching, career counselling, vocational guidance, information on skill development courses etc. through a digital platform www.ncs.gov.in.

The NCS project aims to provide seamless access to job seekers and employers, decent employment opportunities to the aspiring youth of the country and to facilitate career development assistance.