Employees’ Provident Fund Organization (EPFO) net added 16.30 lakh subscribers in May this year. This information was given in the official data released on Thursday. The Labor Ministry said in a statement that the data shows that 3,673 establishments have included their employees in the social security net of EPFO ​​in May. A statement from the Ministry of Labor and Employment said that according to the data, about 8.83 lakh new members enrolled during May, 2023 is the highest during the last six months.

Although this number is less than the month of April. About 17.20 lakh new members were added during April. On the other hand, according to the new data released by the government, during May 2022, about 16.80 lakh new employees were added to EPFO. That is, so many employees have got new jobs in May.

EPFO adds 16.30 lakh net members, around 8.83 lakh new members, during May 2023

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— EPFO (@socialepfo) July 20, 2023

18-25 year olds hold 56.42% Among the new shareholders, 18-25 year olds account for 56.42 percent of the employees in the 18-25 year old age group. This shows the rise in organized employment of the youth. Although about 11.41 lakh subscribers withdrew from EPFO ​​in May, but they also joined it again. This gives indications of their leaving one job and doing another job.

3.15 lakh women are part of EPFO

​​Analysis of payroll data shows that out of 8.83 lakh new employees who became part of EPFO ​​for the first time this month, about 2.21 lakh were women. Purely 3.15 lakh women became part of EPFO ​​in May. At the state level, Maharashtra, Tamil Nadu, Karnataka, Haryana and Gujarat lead in terms of net shareholders. These five states accounted for 57.85 percent of the net shareholders in the month.

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This problem is more for the people working in the private sector because they do not get pension. This is the reason why most of the job professionals look for such investment options for themselves, in which once invested they can get money like regular income even after retirement. Here you are telling about such a simple pension scheme of LIC, how you can get regular income after retirement by investing money in it.

LIC’s Saral Pension Plan

In the simple pension scheme of Life Insurance Corporation of India (LIC), a pension of Rs 12000 is available every month. In LIC’s Saral Pension Yojana, you have to pay premium only once and after that after 60 years you will get Rs.12000 pension every month. You will get the benefit of this pension throughout your life. If you invest Rs 10 lakh in this at the age of 60, you will get Rs 58950 annually. This pension depends on the amount of your investment.

These are the rules of Saral Pension Yojana

Life Annuity with 100 percent return of purchase price Life Annuity with 100 percent return of purchase price This pension is a single payment policy. This policy will be linked to one person. As long as the investor i.e. the pensioner is alive, he will continue to get pension. After the death of the investor, the nominee will get the base premium.

From where can you take Saral Pension Yojana

These pension schemes can be taken both online and offline. A minimum of Rs 12000 per year will have to be invested in this scheme. There is no limit on the maximum investment in this. This scheme is for people from 40 to 80 years. In this plan, the policy holder will get the loan at any time after 6 months from the date of inception of the policy.

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Because Pension Adalat has been constituted for immediate redressal of the grievances of the pensioners. Under which pension complaints will now be settled at home in the Pension Court .

According to media report , the number of pensioners coming under Employees Pension Scheme-1995 i.e. EPS-95 in the country is about 75 lakhs. Along with this, more than 6 crore shareholders are also involved. This scheme is run by the Employees’ Provident Fund Organization (EPFO). Under this, pensioners get a fixed minimum pension. Along with this, many other facilities are also available. But many times pensioners also have to face problems related to pension. For this, pensioners have to make a lot of visits to the offices.

What is Pension Adalat?

Pension Adalat has been constituted for speedy redressal of pensioners’ grievances. Through this, complaints related to pension acceptance and distribution of senior citizens are resolved. Along with this, quick and correct disposal is done by contacting the concerned authorities.

Register online complaint like this

1. A link will be sent to the pensioners on their registered mobile number or e-mail before the Pension Adalat.
2. Pensioners will click on the link, in which complaints will be heard through video conferencing.
3. Pensioners will have to provide their 12 digit PPO number, account number, address and mobile number.
4. First fill the e-mail ID in the prescribed form and send it.
5. If the complaint is sent by post, it is necessary to write Pension Adalat on the top of the envelope.

Who is eligible for EPS-95?

If you want to take advantage of this scheme, then it is necessary to be an EPFO ​​subscriber. Every month, a fixed amount is deposited in the EPF account from the salary of any EPFO ​​subscriber ie member. Out of this, 8.33 percent amount goes to the pension head.

Also, to get pension under the EPS 95 pension scheme, the employee has to complete at least 10 years of service. The retirement age under this scheme is 58 years. EPF member can also withdraw his EPS at a lower rate before the age of 50 years.

Special things related to EPS-95

1. Member pension on retirement at the age of 58 years.
2. Premature member pension before the age of 50 years in case of unemployment.
3. Disability pension in case of permanent and total disablement of the member during service.
4. Widow/widower pension on the death of the member (including the first provision of para 12(8)) or pensioner.
5. Child pension for 2 children at a time up to the age of 25 years on the death of the member/pensioner.
6. Orphan pension to 2 orphans at a time up to the age of 25 years on death of member or pensioner or death of spouse.
7. Orphan pension for the whole life of the disabled child / handicapped child / orphan child.
8. Nominee pension on death of the member and is paid by the member to the nominee for life in case the member does not have a family as defined under the Employees’ Pension Scheme 1995.
9. Pension to dependent father or mother on the death of the member, provided the member has no family or nominee

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If you work in a company for 5 consecutive years, then you are considered entitled to gratuity. Gratuity is the amount given by the company to the employee as a reward. In simple words, gratuity is a reward for working in the company for a long time. It is given under a fixed formula, although if the company wants, it can also give more amount to the employee than the fixed formula. A small part of the gratuity is deducted from the salary of the employee, but a large part is given by the company. Gratuity money is given on leaving the job or at the time of retirement. If you are also a salaried person, then you must know about some rules related to gratuity. 

These rules every employee should know

• If 10 or more people work in a private or government company, then that company should give the benefit of gratuity to all the employees. Apart from the company, shops, mines, factories come under the purview of this rule. But any employee becomes entitled to gratuity only after working in that company for 5 consecutive years. If the job is of 10 or 20 years, then a good amount of gratuity is available, so that the person can fulfill all his responsibilities. 
• There is also a formula to decide how many years you have worked in an institution. If an employee has worked in the company for 4 years 8 months, then his job will be considered as full 5 years and he will get the amount of gratuity according to 5 years. If he has worked for less than 4 years 8 months, then the period of his service will be counted as 4 years and gratuity will not be available.
• The notice period of the employee is also counted in the period of gratuity. Suppose you have resigned after working in a company for four and a half years, but served a notice period of two months after the resignation. In such a situation, the period of your job will be counted as 4 years 8 months only. And assuming it to be 5 years, the amount of gratuity will be given.
• If an employee dies during the job, then the entire amount deposited in his gratuity account is given to his nominee. In such a case, the condition of minimum 5 years job does not apply.
• A formula to calculate gratuity is – (last salary) x (number of years worked in the company) x (15/26). Last salary means the average of your last 10 months salary. Basic salary, dearness allowance and commission are included in this salary. Due to 4 days of Sunday being week off in the month, 26 days are counted and gratuity is calculated on the basis of 15 days. 
• When the company or institution is not registered under the Gratuity Act, then the employees are not covered under the Gratuity Act. In such a situation, whether to give gratuity or not, it is the choice of the company. But if the company still wants to give gratuity to an employee, then its formula is different. In such a situation, the amount of gratuity will be equal to half a month’s salary for every year. But the number of working days in a month will be considered as 30 days, not 26.
• Any company can give gratuity up to a maximum of Rs 20 lakh to its employee. The amount received as gratuity is tax free. This rule applies to both government jobs and private jobs.

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