EPFO extends deadline for employers to submit pension option details

The Employees’ Provident Fund Organisation (EPFO) previously introduced an online facility for eligible pensioners and members to submit applications for the Validation of Option/Joint Options for higher wages. This initiative, aligned with the Hon’ble Supreme Court’s order on November 4, 2022, was launched on February 26, 2023, with an initial deadline of May 3, 2023. However, in response to employee representations, the time limit was extended to June 26, 2023, ensuring a comprehensive four-month window for eligible individuals to file their applications.

To address any challenges faced by pensioners and members, a final opportunity of 15 days was provided, extending the submission deadline to July 11, 2023. By this date, the EPFO received a total of 17.49 lakh applications for the Validation of Option/Joint Options.

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In response to requests for an extension of time to upload salary details made by Employers and Employers’ Associations, the EPFO first extended the deadline to September 30, 2023. After that, the deadline was further extended to December 31, 2023, as a result of many representations. Employers have yet to process over 3.6 lakh applications in spite of these extensions.

The Chairman of CBT EPF has granted an additional extension until May 31, 2024, for companies to submit pay details online in an effort to speed up the processing of pending applications. The purpose of this extension is to guarantee that the remaining Validation of Option/Joint Options applications are processed accurately and on time.