The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2024, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at ₹15,000 a month - towards pension.

The apex court gave a four-month window to enable opting for higher pensions. The deadline accordingly should have been around March 3, 2023, but EPFO only last week came out with the procedure for opting for higher pension under the Employees' Pension Scheme (EPS).

"The joint option for employees who were in service prior to September 1, 2014, and continued to be in service on or after September 1, 2014, but could not exercise joint option under the Employees' Pension Scheme can do so now on or before May 3, 2023," the EPFO said on its website.

At present, both employees and employers contribute 12 per cent of the employee's basic salary, dearness allowance and retaining allowance, if any, to the employee provident fund or EPF.

The employee's entire contribution goes to EPF, while the 12 per cent contribution by the employer is split as 3.67 per cent to EPF and 8.33 per cent to EPS.

The Government of India contributes 1.16 per cent to an employee's pension, while employees do not contribute to the pension scheme.

EPFO said, "online facility for filing joint option is coming soon".

Earlier, there were apprehensions that March 3, 2023, is the last date for opting for a higher pension.

Last week, EPFO came out with a procedure to enable subscribers and their employers to jointly apply for a higher pension under the Employees' Pension Scheme (EPS).

In November 2022, the Supreme Court upheld the Employees' Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014, had raised the pensionable salary cap to ₹15,000 a month from ₹6,500 a month and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards EPS.