The Employees’ Provident Fund Organisation’s (EPFO) February 20, 2023 circular, laying down the broad contours of eligibility for those members of the Employees’ Pension Scheme (EPS) who were in service as on September 1, 2014 for seeking higher pension, has raised further concerns from activists.
A.S.R. Namazi, former Chief Law Officer of the Karnataka State Road Transport Corporation (KSRTC) and now the general secretary of KSRTC Retired Officers and Supervisors Association, Hubballi, says given the fact that the period of four months, as stipulated by the Supreme Court in its judgment of November 2022, is expiring on March 3, very limited time is left for willing members of the EPS to exercise the option. Again, the circular by itself would not enable them to give their option, as they have to wait for one more circular of the EPFO and the respective Regional PF Commissioner’s communication on the form and manner of the request for exercising the option. “At least, another two or three days may be taken by the authorities for follow up,” Mr. Namazi says.
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M. Somasundaram, a Chennai-based consumer activist, says the circular lacks clarity as no illustration has been given with regard to an estimated amount of pension that a member of the EPS would get. “When a willing member exercises his or her option along with his or her employer, he or she gives the consent for transfer of a certain amount of money from his Provident Fund account to the general Pension Fund. In the absence of required information, such a member would not like to exercise the option,” Mr. Somasundaram points out, expressing the hope that the authorities will clear the air as early as possible.
