Employers have been given a final extension by the Employees’ Provident Fund Organisation (EPFO) to complete and upload pending applications for pension validation connected to higher earnings.
After several requests from employers and their associations for additional time to finish the necessary filings, the Ministry of Labour & Employment made this extension public.
EPFO Extends Deadline For Employers To Upload Pending Pension Applications
On February 26, 2023, the online application submission system was made available in accordance with the Supreme Court’s November 4, 2022, ruling.
In order to provide eligible pensioners and members a full four months to submit their applications, the original May 3, 2023, deadline for submissions was moved to June 26, 2023.
The final submission date was set for July 11, 2023, by which time EPFO had received 17.49 lakh applications, and an additional 15-day grace period was given.
Over 3.1 lakh applications were still outstanding in spite of the extensions because employers were having trouble inputting the required salary data.
EPFO set a final deadline of January 31, 2025, for processing and uploading the remaining applications after employers asked for more extensions.
Additionally, EPFO asked employers to furnish updates or clarifications for more than 4.66 lakh cases in which further information was sought.
According to the Supreme Court’s order, employers must reply by January 15, 2025, to guarantee a seamless process.
In accordance with the Supreme Court’s decision, this extension represents the last chance for employers to complete and upload any outstanding pension validation applications.
Withdraw Your Provident Fund From ATM Starting January, 2025
Starting January 2025, the Employees’ Provident Fund Organisation (EPFO) plans to introduce ATM-based withdrawals for provident fund (PF) subscribers. The Labour and Employment Ministry is upgrading its IT systems to streamline withdrawals, ensuring minimal human intervention. Labour Secretary Sumita Dawra confirmed that EPFO’s IT infrastructure will match banking systems after the IT 2.1 upgrade.
The new system will include a dedicated PF withdrawal card, functioning similarly to a bank ATM card. Subscribers will be able to withdraw up to 50% of their PF balance using this card. The upgrade also eliminates unnecessary claim procedures, making the process more efficient and user-friendly.
