Whether, a EPS member, who joined in 8/2014 retired at 58/60 2045-50 should be allowed to exercise option in 2080 , if he is still alive?

Is SC judgement dated 4.11.2022  based on financial capacity of EPS fund.? Though epfo and litigators presented so much data to support their views, it appears that the judgement is based purely on legal points.

The salient points are:-

1) The pensioners,who ceasedto be member of EPS 95 up to 31.8.2014 are not entitled to exercise option under para 11(3) after expiry of EPS membership.

Comments on EPS 95 Higher Pension:-

Whether, a EPS member, who joined in 8/2014 retired at 58/60 2045-50 should be allowed to exercise option in 2080 , if he is still alive?

1. There must be some limitation. Which office will preserve records so long.?

2) SC allowed those retired after 1.9.2014  to exercise option for the reason in the judgement.

3) Those,who exercised option in time are entitled to get pension.

4) There is still hope for those, who retired before 1.9.2014 as some pensioners have approached SC for review of the judgement on various reasons. In particular, epfo prevented employees from exercising option vide their internal circular from 6/2004 without any statutory backing. I retired in 2003, hence I may not get any benefit. The para 11(3) was cancelled vide notification no. 649E dated 21.8.2014, effective from 1.9.2014 only.

5) EPS pensioners at present is below 3% of EPS 95 members. Then 97%+ of EPS corpus belongs to existing members. EPS 95 corpus is a pooled account. Hence, there is no bar in payments from the pool  account theoretically. However, inflow and outflow from the EPS 95 corpus cannot be the sole criteria for determining the health of the fund. On that basis, no reckless decision can be taken to pay higher pension to existing pensioners. For that, actuarial valuation is the best way.

Let us hope for the best.

Source FB Post, Only for knowledge.