Finance in business6/10/2023 The EPFO must also provide some guidance on what employers can do if there is insufficient data available with them in terms of old wage records and other documents," said Sowmya Kumar, Partner, IndusLaw. We would also have to wait and see as to what kind of reasoning will form the basis of an order accepting / rejecting a particular application (and also how long this will take). From a reading of this circular, it is not clear as to whether timelines have been issued only for the employer and employee to respond to EPFO communication or whether each stage of the internal process (i.e., the process by which the application travels through various EPFO departments and culminates in an order passed by the APFC / RPFC- II) also has definitive timelines. However, in my view, this will be the first of a few clarificatory circulars that will have to be issued in this respect. "The EPFO has now provided some initial clarity on what kind of internal process will be followed once an application for higher pension is submitted. If the online system cannot be modified, the Court directed EPFO to make necessary arrangements for filing, including allowing the submission of hard copies of the options. The Kerala High Court recently exempted this requirement and instructed EPFO to make adequate provisions in the online system for pensioners to submit options without producing copies of option under para 26(6) of the Scheme, 1952. However, the process for submitting a joint application was complicated, especially due to a mandatory requirement in the form that requests details of the option under para 26(6) of the Scheme, 1952. The deadline has now been extended until May 3, 2023. In November 2022, the Supreme Court allowed employees who missed the earlier deadline to submit fresh options within four months. This opportunity will be given for one month and the employees/pensioners will be informed of it. ![]() Another important function of finance is risk management. By creating budgets for different areas of the company (such as marketing, operations, and product development), finance professionals can help ensure that each department has the necessary funds to achieve its goals. If the employer does not approve the submitted application form/joint option, they will be given a chance to provide additional proof or correct any errors before the form is rejected. One key aspect of the role of finance in business is budgeting. If there is a discrepancy, the employer and employee/pensioner will be informed and given one month to provide the necessary information. If the details match, the dues will be calculated and APFC/RPFC-II/RPFC-I will issue an order to transfer/deposit the dues. If all requirements are met, the employers' wage details will be cross-checked with data from the field offices. Step 6: After submission of the application the field officer separately will review the applications. ![]() Step 5: After submitting the application, acknowledgement number will be generated which will be needed for future correspondence.
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