The retirement fund body EPFO, on Monday, issued the standard operating procedures (SOPs), listing out the valid documents for correction in employees profile while fixing timelines for processing the correction-related applications and allowing subscribers to online monitor their application.
There have been reports that EPFO has adopted a new rule for calculating higher EPS pension for members who have retired on or after September 1, 2014. As per reports the services period is getting divided into two parts and pension is calculated on pro rata basis which is likely to result in reduced pension for these members.
Ministry of Labour & Employment has said that EPFO has extended the time for Employers to upload wage details etc. regarding Pension on Higher Wages by five more months to 31 May, 2024.
More than 3.6 lakh applications for validation of Option/Joint Options are still pending with the employers for processing, said Ministry of Labour & Employment