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In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent
Gandhi has been questioning the prime minister on the Adani issue and has been demanding an investigation into the matter.
The EPF is managed by the Employees' Provident Fund Organisation. Several retired and serving employees feel that the pension it disburses, which is not in proportion to their salary, is rendering a huge loss to all subscribers.
Those who make a contribution on higher wages, beyond the pensionable salary cap, to the Provident Fund, need not provide evidence for exercising the joint option as per 26(6).
In the R C Gupta case of 2016, the Supreme Court had ruled that the EPFO’s decision to fix a cut-off date to give option for higher pension was wrong.
The Supreme Court said last year in November that the EPFO should provide four months to all eligible members to opt for higher pension. The deadline is now extended to May 3, this year.
The deadline within which the options have to be exercised is just 10 days away.
The excess amounts paid to those who retired before 2014 without exercising the option for higher pension are being recovered.
As per the order those who have not opted for the option to join the EPS and the eligible employees who couldn’t join the scheme before the cut-off date can do so within the next four months.
The court held that employees who have not exercised the option to join the Employees Pension Scheme must be given a further chance of 6 months to do so.