What is the impact of the EPFO's decision to extend the deadline to apply for higher pension
What is the purpose of the EPFO's extension of the higher pension application deadline, and how will this impact pensioners?
- The Employees' Provident Fund Organisation (EPFO) has extended the deadline to apply for a higher pension to September 30, 2021.
- The purpose behind this extension is to provide an opportunity for pensioners who were eligible for a higher pension under the Employees' Pension Scheme 1995.
- The extension will allow retirees to claim benefits that they may have missed out on earlier due to various reasons, including a lack of awareness.
- The EPFO will now accept applications for higher pensions every year, providing retirees with a chance to benefit from the scheme.
- The decision will impact those who are eligible for higher pensions and were unable to claim them earlier. With the extension, they will have an additional opportunity to apply and receive increased pension benefits.
- This move is expected to benefit thousands of pensioners who were unaware of their eligibility for a higher pension or missed the cut-off date earlier due to various reasons.
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