EPFO Trustee Board Meets To Discuss On Higher Pension Option
The Employees' Provident Fund Organisation (EPFO) Central Board of Trustees met on Tuesday to discuss the progress made so far on the higher pension option for its subscribers, as well as the draught annual report detailing financials for 2022-23.
"The total number of beneficiaries and financial implications will be determined by the number of such eligible employees who submit applications for validation of option/joint options in accordance with the Supreme Court's November 2022 decision." After reviewing applications for option/joint option validation, an actuary will conduct an analysis to determine the financial implications," an official said.
The EPFO had granted employers a three-month extension until 31 December this year to upload wage details for employees who choose the higher pension option. The EPFO has yet to complete the actuarial analysis of the increased pension.
The board of directors of the retirement fund body also discussed the draught annual report. In 2022-23, the total investment corpus, including pension and provident funds, was Rs 21.36 lakh crore, up from Rs 18.3 lakh crore the previous year.
