The Employees Pension Scheme (EPS) was started by EPFO ​​on 16 November 1995. It has replaced the Employees Family Pension Scheme 1971. However, there are some conditions for this. Let’s know its complete process…

Pension will be available after 10 years of service

EPS is a pension scheme, which is managed by EPFO . Existing and new EPF members are included under this scheme. There is only one condition to avail the benefits of this scheme, which the employee has to fulfill. According to the rules of EPFO, any employee becomes entitled to get pension after working for 10 years. However, this pension is available after completing the age of 58 years.

How is money deposited in PF account?

If you work in the private sector, 12% of your salary goes into your PF account. Your company also contributes the same amount, but 8.33% of it goes into the pension fund and the remaining 3.67% goes into the PF.

Will you get pension if there is a job gap

If you work for 10 years, you will be entitled to pension. Now the question arises that if a person loses his job in between and then gets a job again. Due to which there is a gap, will he get pension in such a situation? The rule in this regard says that pension is given after completing a period of 10 years. If the employee has not changed the UAN number, then he will be entitled to pension. There should be 10 years of job with the same UAN number. With this, the money deposited in the PM account will be visible in the same UAN.

Make sure to get a pension certificate

There is another option if you left the job 10 years ago. If you wish to work again in the future, do not forget to take the pension scheme certificate. In such a situation, whenever you join a new job, you can link your previous pension account to the new job through this certificate.

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EPFO Pension Hike: Crores of pensioners of the country can get good news soon. The central government is considering increasing the monthly pension under the Employees’ Pension Scheme (EPS) from Rs 1000 to Rs 7,500 due to rising inflation.

According to the report, there can be a whopping 650% increase in pension (EPS Pension Hike). This is being said because a parliamentary committee is going to evaluate the EPS amendment.

The post EPFO Pension Hike: Govt to hike EPS pension from Rs 1,000 to Rs 7,500, know latest update first appeared on Rightsofemployees.com.

If you are worried about the cost of pension after retirement, if you are also worried about how you will meet your expenses at the age of 60, then this news is for you. Did you know that if you have worked in a company for even 10 years, you will get pension from there after retirement. Here we are talking about EPS pension run by EPFO, under which you will get monthly pension. Let’s know the complete information about this scheme. Let’s understand all the things when you will get pension, how much you will get and what is its eligibility.

Employees’ Pension Scheme (EPS)

The Employees’ Pension Scheme was issued by EPFO ​​on 16 November 1995. Under which a scheme was prepared to provide monthly pension to employees working in the organizational sector. Under this scheme, the pension is determined according to the number of days the employee works. If you have worked in a company for 10 years and your PF is deposited there, then let’s understand how much monthly pension you will get.

Eligibility for EPS

You will get the benefit of EPS i.e. Employees Pension Scheme only if you have worked in at least some organized sector and under this scheme you will get a minimum monthly pension of Rs 1000. However, there has been a demand for increasing the minimum pension amount to Rs 7,500 per month for many days. Apart from this, the benefit of this scheme will be available only after the age of 58 years and the most important thing is that the employee should have a PF account in which he has deposited money during his employment.

EPF members contribute 12% of their basic salary to PF through EPFO. The same amount is also deposited by the company. At the same time, the amount deposited by the company is divided into two parts, in which 8.33 percent goes to EPS and 3.67 percent goes to PF.

You will get this much pension.

Under EPS, the pension of employees is determined based on their working hours and their salary. Here we are going to tell you the calculation of pension for an employee who has worked for 10 years and whose monthly salary is Rs 15 thousand.

Monthly Pension = (Pensionable SalaryX Pensionable Service)/ 70

Pensionable Salary = Average of your last 60 months of salary

The pension of employees is determined by this formula. Let us now understand this through an example.

If you have worked in the company for 10 years and your pensionable salary is Rs 15,000, you will receive a monthly salary of Rs 2,143 from the age of 58.

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EPS Pensioners: There is great news for pensioners receiving pension under Employee Pension Scheme. From January 1, 2025, EPS pensioners can get pension from any branch of any bank in any corner of the country. Union Minister of Labour and Employment Mansukh Mandaviya has given this information. This decision will benefit around 78 lakh EPS pensioners.

78 lakh EPS pensioners benefited

The Ministry of Labor and Employment, while giving information about this decision in a press release, said that Labor and Employment Minister and Chairman of Central Board of Trustees, EPF Mansukh Mandaviya has approved the proposal of Centralized Pension Payment System for the Employees Pension Scheme 1995. With the creation of a centralized system at the national level through the Centralized Pension Payment System, pension can be given to pensioners from any branch of any bank in any corner of India. The centralized pension payment system will benefit 78 lakh EPS pensioners of EPFO.

Pensioners’ problems will be reduced

On this historic decision, the Labor and Employment Minister said, approval of the Centralized Pension Payment System is going to prove to be an important milestone in the modernization of EPFO. Paying pension to pensioners from any branch of any bank anywhere in the country will help solve the problems of pensioners which they were facing for a long time.

Also Read- EPS 95: Can pension be received even before the age of 58, know what are the rules of EPFO

There will be no need for pension payment order

The centralized pension payment system will help in pension disbursement in the country and for this there will be no need to transfer pension payment orders. Earlier, pension payment orders had to be issued when pensioners moved from one place to another, or changed banks or branches. Pensioners who go to their hometowns after retirement will get great relief from this. In the next phase, the centralized pension payment system will be linked with the Aadhaar-based payment system.

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The government has changed the withdrawal rules of the Employees Pension Scheme, 1995. After this amendment, the members of the Employees Pension Scheme with less than 6 months of contributory service will also be able to withdraw money from the EPS account. This amendment will benefit more than 7 lakh members of the Employees Pension Scheme every year who leave the scheme after less than 6 months of contributory service.

According to a press release from the Press Information Bureau (PIB), the central government has also revised Table D. From now on, the withdrawal benefit will depend on how many months the member has served and how much EPS contribution has been made on the salary. This will help in rationalizing the withdrawal benefit of the members. More than 23 lakh EPS members will benefit from this amendment. The Ministry of Labor said that there are lakhs of such EPS 95 scheme members in the country who leave the scheme midway despite the rule of continuously contributing to the scheme for 10 years to get pension.

Six months of contribution was necessary to withdraw money.

As per the rules till now, the calculation of withdrawal benefit is based on the years completed in service and the salary on which contribution has been made for EPS. Only those members who contributed for 6 months or more could avail this withdrawal benefit. In such a situation, those members who left the scheme after contributing for less than six months did not get any withdrawal benefit. Due to this, the claim applications of many people were rejected.

7 lakh claims rejected

According to the Ministry of Labor, 7 lakh withdrawal claim applications were rejected in 2023-24 due to the rule of contribution for more than six months. These were such applications in which contribution was made in the EPS 95 scheme for less than 6 months. But after this decision of the government, all those EPS members who have not attained the age of 58 years by June 14, 2024 will also be entitled to the benefit of withdrawal of money.

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Employees’ Provident Fund Organization (EPFO) can extend the deadline for higher EPS pension by three months. Because many employees are complaining about facing difficulties while applying for higher pension from Employees’ Pension Scheme (EPS).

Due to lack of clarity on rules and delay in clarification from EPFO, many employees have not yet exercised the option for higher pension application. But, EPS members now have only a few hours left to apply, as the last date for application is today i.e. 26 June 2023. Sources say that EPFO ​​is considering extending the deadline by three months to provide relief in the deadline. Let us see some reasons, due to which the deadline can be extended.

Release of calculation method a few days before the deadline

Applying for Higher Pension is one of the most important decisions for most of the eligible employees. But, an EPS member would want to go for this option of higher pension only if he is sure that it would be a beneficial decision. However, there was no way they could know what would be the calculation method on the arrears of pension.

Unless you know how much extra you will have to pay and what kind of return you will get on this extra payment, applying for higher pension will be like shooting arrows in the dark. EPFO has released an Excel utility to calculate the amount to be paid for Higher Pension to an employee a few days before the deadline. Along with this, FAQs have also been issued.

Employees have difficulty in clarity due to gradual release of circulars,

EPFO ​​has issued circulars related to necessary documents for applying to employees, additional 1.16% contribution, pension calculation method, first circular on December 29, 2022 and latest circular in last 14 days Released on June 2023. Due to the gradual release of the circular, the eligible members could not get clarity on many points for the rules and application.

Due to this, EPFO ​​had also extended the deadline twice. But, with the last update coming a few days before the current deadline, it has become difficult for the employees to evaluate the pros and cons of higher pension in a short period of time.

Still lack of clarity on many points

According to experts, EPFO ​​still needs to provide clarity on certain aspects of applying for higher EPS pension. Need clarification on exit option, or what if the employee’s records do not match with EPFO’s records, or if the employer has gone out of business? There is a need for clarity on this. At the same time, there is no clarity about the employees who have a long gap in their service history as to how they should apply for pension.

Problem on EPFO’s application portal

Due to the last date last week, there has been a problem in the service portal for applying for EPFO ​​members. Many applicants have raised the issue on Twitter that either they are unable to submit their joint application form or their records are not matching with the records of EPFO, which is making it difficult to submit their application form online.

Last date of application extended twice before

EPFO ​​has already extended the application deadline for higher EPS pension twice. First it was extended from 3 March 2023 to 3 May 2023 and then the deadline has been extended till 26 June 2023. Recently many employers have requested EPFO ​​to extend the application deadline for higher EPS pension and simplify the process. These are the complaints made by many employees on which EPFO ​​can take note and extend the deadline for 3 months.

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The Supreme Court had ruled in November 2022 that those who were members of the Employees’ Provident Fund Organization (EPFO) as on September 1, 2014, can opt for higher pension.

Issuing a statement, the ministry said that this step will reduce the burden of the employees subscribing to the Employees’ Pension Scheme. The Labor Ministry further said that the employees’ contribution to the Pension Fund is not envisaged in the spirit of the Employees’ Provident Fund and Miscellaneous Provisions Act as well as in the Social Security Code. The Ministry said that keeping in view the EPF & MP Act and the Code, it has been decided to take an additional contribution of 1.16% within the total 12% of the employers’ contribution to the Provident Fund.

Court’s instructions

As per the Supreme Court order, employees drawing salary above Rs 15000 can opt to contribute more than 1.16%. The court directed the officials under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 to make necessary adjustments in the scheme within a period of six months.

The ministry said that all aspects of the matter, including legal and administrative, were examined in detail for implementing this direction. Thereafter, it was decided that since the Code on Social Security, 2020 (the Code) has already been notified, it would be appropriate to bring relevant provisions.

In the notification, the Labor Ministry said that it has taken all actions immediately within the prescribed time limit to comply with the directions of the Supreme Court. Which also includes extending the deadline till June 26 to allow beneficiaries to file for higher pension.

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The Ministry of Labor said, it has been decided to take an additional contribution of 1.16 percent out of the total 12 percent contribution of the employers in the provident fund.

At present, the government pays 1.16 per cent of the basic salary up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). This provision is retrospective as per the orders given by the Supreme Court, that is, it is applicable from the previous date. Meaning, this provision will come into effect from September 1, 2014, which is the cut-off date as per the Supreme Court order, i.e. employer’s contribution of 12% plus 1.16% will be deducted from the employee’s PF fund retrospectively.

So far more than 12 lakh applications have been received, if you also want that after retirement you get more pension every month, then you can opt for EPS-95. For this, you have to apply on the Integrated Member Portal of EPFO. EPFO has so far received more than 12 lakh applications for higher pension. This number is equivalent to 35 per cent of the total eligible employees.

How to Apply Online

First of all you have to e-Sewa portal – https//unified portal-mem.epfindia.

gov.in/memberinterface/. Here you have to click on Pension on Higher Salary.
A new page will open where 2 options will appear. The second option in this is to apply for the combined option. Select the option below here.
After this you will see a new home page. Here you have to enter your UAN, Aadhaar number, date of birth, mobile number and captcha code by clicking on the option on the left side.
After filling the form, OTP option will appear below, click on it. An OTP will come on your mobile number. Submit it after verifying it.

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Who should choose this scheme for higher pension? Who else should be ignored? Apart from this, the biggest question in the mind of the people is about how to apply. Do you have to contact your employer? Today we will tell you the easy ways to apply, so that you can apply sitting at home. Apart from this, we will try to answer every question related to it.

Actually, there are 2 accounts for every EPFO ​​member, the first is Employees’ Provident Fund (EPF) and the second is Employees’ Pension Scheme (EPS) in which the pension amount is deposited. Every month 12 percent amount is deducted from the basic and DA of the employee and deposited in EPF.

The same amount is also deposited by the employer. But it is necessary to understand a little here, because the entire contribution of the employer does not go into the EPF account. Out of 12 percent of the employer, 8.33 percent goes to the EPF account, while 3.67 percent goes to the EPS account. But on opting for higher pension, there is a change in the employer’s contribution, about which you will know in detail below. First of all, let me tell you that the technical name of Higher Pension is (EPS-95).

What is EPS-95?

Answer- The government had implemented a new law in the year 1995 in the interest of the employees working in the private sector. The purpose of this law is that those working in the private sector can get the benefit of pension. It came into force in 1995 and is linked to pension. That’s why it is named EPS-95.

When this law was made, at that time the maximum wage for contribution to the pension fund was fixed at Rs 6,500. It was later increased to Rs 15,000. That is, 8.33 percent of this amount goes to the pension fund. Meanwhile, a change was made in the year 2014, after which the employee got an exemption of 8.33 per cent pension fund contribution on the total amount of his basic and DA.

Question- How to apply for more pension? (Most of the questions are being asked…)

Answer- If you choose the option of higher pension, then you can contact the HR of the place where you work. If you want to apply yourself, then you can apply for higher pension by visiting EPFO’s website. The process is very simple. You can visit this link ( https://unifiedportal-mem.epfindia.gov.in/memberInterfacePohw/) and you will have two options in front of you.

If the employee has retired before 01/09/2014, and wants higher pension, then choose the first option. Whereas if you are not retired yet i.e. working then choose the second option. As soon as the working employees click on the second option, the Registration Request form will open in front of them. In which details including UAN, Aadhaar will have to be filled. As soon as you submit the form, you will go to the employer for confirmation, are you employed or not? Contribution for higher pension will start as soon as permission is received from the employer. You can apply online in 5 minutes.

Most people are confused about the fact that they have not yet been given any information from the employer regarding higher pension. But the reality is that the employer has only this role to give consent to work in the institute on the option of higher pension chosen by you.

Rest you can apply for higher pension online by yourself. There is facility offline also, for this you can go to EPFO ​​office of your area. Not only this, EPFO ​​is organizing camps for higher pension in different parts of the country. Where you can fill the form.

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What is the matter: Actually, in November 2022, the Supreme Court had given an order on higher pension. According to this, all the members of EPFO who are EPS members can now contribute for higher pension with conditions.

Who is eligible for higher pension?

1) Employees who were members under EPS prior to 1st September 2014, and continue to be members on or after that date

2) Employees and employers who paid the contribution on salary in excess of the standard salary limit of ₹5,000 or ₹6,500. Explain that EPS was started in 1995 and under this the higher pensionable basic salary was Rs 5,000 per month. It was later increased to Rs 6,500 and the basic salary to Rs 15,000 per month with effect from September 1, 2014.

As of now, the company’s pension contribution for the employee is 8.33% of Rs 15,000 i.e. Rs 1,250. Even if the basic salary is more than Rs 15,000, the employer’s contribution to the pension is calculated only on the basic salary of Rs 15,000.

How to apply

• EPFO’s https://unifiedportal-mem.epfindia.gov.in/memberinterface/ portal will have to go.
• Here you will see the Pension on Higher Salary tab. Click on this tab.
• In the next step, the option of “Joint Application Form” will also be given.
• After clicking it enter the details asked on the screen. This includes UAN, name, date of birth, Aadhaar number, mobile number linked to Aadhaar and captcha.
• Then click on “Get OTP”.
• One-time password will be sent to your Aadhaar linked mobile number.
• The application will be verified by the employer after its submission by the EPFO official.

If all the details are correct, the amount due will be calculated and an order will be passed to transfer the dues. In case of mismatch, the employer and employee will be informed by EPFO and they will be given a period of one month to complete the information.

Interest rate on PF deposits for FY23 is 8.15%

EPFO increased the interest rate on Employees’ Provident Fund to 8.15% for FY23. This is a slight increase compared to the previous year. Explain that EPF has the highest interest rate in the small savings category.

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EPFO has asked eligible members to apply on the official portal. Some documents will be required before the application, without which the application will not be successful.

In the circular issued by EPFO ​​on March 13, 2023, it has been said that the last date for application for higher pension for all members of EPS has been extended to May 3, 2023. EPFO has removed the capping applicable for some members earlier. With this, now the option of online application has been opened for all. Applicants can opt for joint option with the employer through the link given on the EPFO ​​website.

Documents required for higher pension application

Some documents are very important for higher pension application, without which the application process will not be completed. EPFO has shared information about the required documents related to the application in its circular dated February 20.

1. Keep your Universal Account Number (UAN) with you while applying.
2. The Aadhaar number, name and date of birth of the member should be available in the records of EPFO.
3. The applicant must have a mobile number linked to Aadhaar as per the records of UIDAI.
4. Proof of joint option required under para 26(6) of the EPF scheme attested by the employer at the time of application.
5. It is necessary to have the proof of joint option under the erstwhile para 11(3) attested by the employer.
6. Applicants should have proof of deposit in PF account on salary exceeding the salary limit of Rs 5,000/ Rs 6,500.
7. There should be a written denial proof of any EPFO ​​official on request or deposit for more pension.

Online Application Process for EPS Higher Pension

• Visit the EPS Member e-Service Portal – https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
• After this, by selecting ‘pension on higher salary’, choose the option of using the joint option.
• Now a new page will open. Here select the application form for joint options.
• Now fill UAN, name, date of birth, Aadhaar number, mobile number linked to Aadhaar and captcha code details and click on Get OTP option.
• After this OTP password will come on the mobile number linked to your Aadhaar.
• After entering the OTP, verify your details.
• If any adjustment is to be made from provident fund to pension fund or re-deposit in the fund, then your consent will be sought in the application form. If funds are required to be transferred from Exempted Provident Fund Trust to Pension Fund, you will be required to submit a declaration to this effect along with interest till the date of payment.
• Now you have to make sure that all the information entered in the form is correct.
• Click on submit for final submission of application.
• On successful submission of the application form, a receipt number will be generated. This number is important for the future, keep it safe.

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For the employees who retired before September 2014, the last date of this scheme was earlier March 3, 2023. The Labor Ministry said in a statement on Monday that now, on the demand of the workers/employers union, chairman, the Central Board of Trustees has decided to extend the last date for receiving applications from such workers to May 3, 2023. Let us also tell you how you can apply online to get higher pension.

This is how you can apply by visiting the EPFO ​​portal

1. Go to the Member e-Services Portal.
2. Click on the higher pension present on the pension, use the joint option.
3. Select ‘Application Form for Joint Option’.
4. Add details including UAN, name, DOB, Aadhaar number, mobile number linked to Aadhaar and captcha.
5. Enter the OTP received on your Aadhaar-registered mobile number.
6. submit application.
7. An acknowledgment number will be generated on submission of the application form.

How to check your service history and joining date on EPFO ​​portal?

1. Visit the Member e-Service Portal, which can be accessed at https://unifiedportal-mem.epfindia.gov.in/memberinterface/
2. Enter Universal Account Number (UAN), Password and Captcha to login.
3. Now choose Service History from the View menu.
4. The ‘Service History’ option displays the list of organizations the person has worked for. Check the date you joined the DOJ or any organization.
5. If the portal displays DOJ before 1st September 2014, then the person is eligible to apply for High Pension. If the person changes jobs after this date, they will still be able to opt for higher pension as long as their pension account is active with EPFO.

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At present, 12% of the basic salary and dearness allowance of each employee is contributed by their company to the EPF. Of the 12% employer contribution, 8.33% goes to the Employees’ Pension Scheme (EPS) and 3.67% to the Employees’ Provident Fund (EPF).

A pension program was set up by the government in 1995 under Section 6A of the EPF Act. As per the Employees’ Pension System of 1995 (EPS-95), the employer (institution) contribution of 8.33% should be made in the pension scheme. The maximum monthly pension was fixed at Rs.5,000 or Rs.6,000 by EPS-95. The employer was required to pay 8.33% of the initial Rs. 5,000 for pension scheme (which was later increased to Rs.6,500)

How much pension can be received

Here is an example to know how much pension you can get by choosing the EPFO ​​High Pension option. For example, if your basic salary is 40,000 per month, and 12% of your basic salary (Rs 4800) is transferred to your EPF account. EPS receives Rs. 1250 of the employer’s contribution, which is equal to 12% of your basic salary, and the balance Rs.3550 in your EPF account.

Understand math like this

If you opt for High Pension, the pension you will be paid on your retirement will be determined using your actual basic pay and dearness allowance (if applicable). For example, the pension would be Rs.18,857 (Rs.40,000*33)/70, if your average pensionable pay (Basic + DA) during the last 60 months was Rs.40,000 at the time of retirement.

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The last date to apply for higher pension under EPS is March 3, 2023. Most of the employees are demanding to extend its deadline.

Will EPFO ​​extend the deadline?

Many employees want to extend the deadline as there are only a few days left before the deadline and there is a huge list of papers to collect for submission. Till now the employers were waiting for clear instructions but on February 20 the matter became clear. Eligible workers are scrambling to apply before the March 3 deadline, but time is short and work is high. This is the reason why the employees are demanding to extend the deadline.

Process started

Retirement fund body EPFO ​​has started a process for subscribers and their employers to apply jointly to get higher pension under EPS. Earlier, the Supreme Court had said in November 2022 that employees who were members of EPFO ​​on September 1, 2014, can avail higher pension. For this, contribution to EPS from his actual basic salary will be necessary.

These documents have to be given

Eligible EPS member has to visit the nearest local EPFO ​​office and fill the application there. Along with this, documents will also have to be submitted. The application will have to be given in the manner and format specified by the commissioner. The application form for validation must contain a disclaimer as mandated in the previous government notification.

Rule At present, the salary limit for contribution to EPS is Rs 15,000 per month. This means that even if your actual basic salary is Rs 50,000, the contribution to EPS is based on Rs 15,000. Due to this very less money is deposited in EPS. Keeping in mind the decision of the Supreme Court, EPFO ​​has issued a circular on 20 February.

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EPFO has issued instructions to all its offices that how the members of Employees Pension Scheme (EPS) should apply for higher pension. The last date to apply for higher pension under EPS is March 3, 2023.

However, this option will be available only to those employees who were members of EPF as on August 31, 2014 and have not opted for higher pension under EPS. As per the guidelines, EPFO ​​has allowed EPS members to exceed the limit of pensionable salary by Rs 15,000 per month.

With the new process of EPFO, subscribers and their employers will be able to jointly apply for higher pension under EPS. This means that now members can contribute 8.33 per cent of their basic salary.

Are you eligible for higher pension from EPFO?

EPFO has accepted the request of those employees who have compulsorily contributed more salary to the pension scheme under the EPF scheme and have opted for enhanced pension coverage before their retirement. EPFO said that the employees who contributed salary in excess of the erstwhile wage limit of Rs 5,000 or Rs 6,500 and those employees who opted under EPS with the revised scheme while being a member of EPS-95, would be eligible for higher pension coverage. are eligible for.

Process of offline application

>> To get more pension, EPS member will have to go to his nearest EPFO ​​office.
>> There they will also have to submit some documents along with the application.
>> According to the method and format given by the commissioner, the application will have to be given.
>> There will also be a disclaimer and declaration in the joint option.
>> After the application is submitted, it will be dealt with according to the circular.

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The body managing the retirement fund said that members and their employers would be able to apply jointly for this. In November 2022, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014.

Earlier, the EPS revision of August 22, 2014 raised the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, the members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS.EPFO in an office order has given details about handling of ‘Combined Option Form’ by its field offices.

EPFO said that ‘a facility will be given, for which the URL (Unique Resource Location) will be told soon. After receiving this, the Regional PF Commissioner will give information through notice boards and banners for wide public information. “According to the order, every application will be registered, logged digitally and a receipt number will be given to the applicant.

It further added that the Officer-in-Charge of the Regional Provident Fund Office concerned will examine each case of joint option on higher pay. There after, the applicant will be informed about the decision through e-mail/post and later through SMS. It has been said in the order that these instructions are being issued in compliance of the order dated November 4, 2022 of the Supreme Court.

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Explain that under the Employees Pension Scheme-1995 (EPS-95) there are about 75 lakh pensioners beneficiaries across the country. Apart from this, more than 6 crore shareholders are also included under this. EPFO has given a big update regarding crores of pensioners of the country.

What is the validity of Life Certificate?

EPFO told on tweet that submission of life certificate can be submitted at any time. Also told how long is the validity of the life certificate. According to the information released by the organization, its validity is up to one year.

EPS’95 पेंशनभोक्ता अब किसी भी समय जीवन प्रमाण पत्र जमा कर सकते हैं जो जमा करने की तारीख से 1 वर्ष के लिए वैध होगा।#epfo #pension #amritmahotsav
@PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @MyGovHindi @PIBHindi @MIB_Hindi @AmritMahotsav pic.twitter.com/myefoHdGcW

— EPFO (@socialepfo) January 21, 2023

How to submit life certificate sitting at home?

According to EPFO, life certificate can also be submitted online sitting at home. Life Certificate can be submitted digitally to Pension Disbursement Bank, Public Service Center i.e. CSC, IPPB or Indian Post Office, UMANG App and Nearest EPFO ​​Office.

How to deposit Jeevan Praman Patra?

DLC can be done comfortably sitting at home with Jeevan Pramaan. Its process is here-

• You will first have to enter the details of pension account and account holder along with Aadhaar, mobile number.
• After this OTP will come for authentication on email id and mobile number. After OTP verification, you can generate DLC (Digital Life Certificate).
• Now you will have to give the pensioner’s Aadhaar number, pension payment order, bank account details and mobile number.
• After completion of biometric authentication, an SMS will come on your mobile number, which will contain the ID of your Jeevan Pramaan certificate.
• Now the pension issuing authority can access your digital life certificate on the Jeevan Pramaan website if needed.

Documents required for life certificate

• PPO number
• Aadhaar number
• bank account details
• Aadhaar linked mobile number

The post EPS Pensioners! EPFO issued new notification regarding life certificate of pensioners first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- 

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension 

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

Example number 1

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Increased: Big News! Pension will increase from Rs 7500 to Rs 25000, see details here first appeared on Rightsofemployees.com.

About 75 lakh pensioners are beneficiaries under the Employees Pension Scheme-1995 (EPS-95). Apart from this, more than 6 crore shareholders are also included under this. Under this facility, pension facility is given to the employees of EPFO, but if any of the pensioners die, then can the benefit of pension not be availed. No. It’s not like that. The family members of the pensioners can take advantage of the pension of the beneficiary.

Family members can take advantage of pension

Explain that if a pensioner dies, his family can take advantage of the pension scheme. However, for this, the family members of the pensioners will have to submit some documents to the EPFO. You can see this list of documents (EPFO Documents) here…

What documents are needed

• Death Certificate of Pensioners
• Copy of Aadhaar of the beneficiaries
• Bank account details of the beneficiaries
• Attested copy of bank passbook and original canceled check
• Age Proof in case of having children

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.

Documents required to avail pension in case of death of EPS 95 pensioner… #EPFO #SocialSecurity #EPS #PF #AmritMahotsav #pension @PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @mygovindia @PIB_India @MIB_India @AmritMahotsav pic.twitter.com/3yk22ctvvH

— EPFO (@socialepfo) January 18, 2023

Out of this, 8.33 percent amount goes to the pension head. Also, to get pension under the EPS 95 pension scheme, the employee will have 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 from the age of 50 years.

The post EPS 95 Pensioner: Big news! Documents required to avail pension in case of death of EPS 95 pensioners, see here documents list first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO Pension Rules Change: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

There has been a demand for a long time to increase the minimum monthly pension received by the salaried class under EPS. Now the new update regarding this is that the ‘EPS-95 Rashtriya Sangharsh Samiti’ has given 15 days’ notice to the Labor Ministry to increase the minimum monthly pension from Rs 1,000 to Rs 7,500.

In the notice given by the warning

committee of the countrywide movement, it has been said that if the demand is not fulfilled, a countrywide movement will be done. Employees Pension Scheme-1995 i.e. EPS-95 is operated by the retirement fund body Employees Provident Fund Organization (EPFO). Under this, more than six crore shareholders and 75 lakh pensioners are beneficiaries.

Medical facilities of pensioners are also limited

In a letter written to Union Labor Minister Bhupendra Yadav, the Sangharsh Samiti has said that the pension amount of EPS-95 pensioners is very less. Apart from this, medical facilities are also limited. Due to this the death rate of pensioners is increasing. It was also said in the letter that if the increase in this pension amount is not announced within 15 days, then a nationwide agitation will be done. Under this, warnings have been given to stop rail and road transport and take steps like mass fast unto death.

The committee has demanded an increase in the minimum pension from Rs 1,000 to Rs 7,500 with dearness allowance announced at regular intervals. Along with this, the committee has also demanded payment of pension on actual salary as per the decisions of the Supreme Court on October 4, 2016 and November 4, 2022.

The post EPFO Pension Increased: Good news for 6 crore subscribers of PF! Now pension will be increased to so many thousands! first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO Pension Rule Change: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPF Pension: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see details here first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (Basic Salary) for the Employees’ Pension Scheme. Meaning, even if your salary is more than 15 thousand rupees a month, but your pension will be calculated only on a maximum salary of 15 thousand rupees. EPFO is in the process of abolishing this salary limit. Sources say that the calculation of Employees’ Pension Scheme will be done on the last salary i.e. high salary bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get pension, it is necessary to contribute to Employees Provident Fund (EPF) for 10 years. Whereas, after completing 20 years of service, a weightage of 2 years is given. If a decision is taken to remove the limit, then how much difference will it make, let us understand…

How will the pension be calculated?

According to the current system, if an employee is doing a job from June 1, 2015, and if he wants to take pension after completing 14 years of service, then his pension would be calculated at Rs 15,000 only, even if he earns Rs 20,000. Be it in the basic salary bracket or 30 thousand rupees. According to the old formula, the employee will get a pension of about Rs 3000 from June 2, 2030, on completion of 14 years. The formula for calculating pension is – (Service History x 15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example No. 1

Suppose the salary (Basic Salary + DA) of an employee is at 20 thousand rupees. Calculating from the pension formula, his pension will be Rs.4000 (20,000X14)/70 = Rs.4000. Similarly, the higher the salary, the more he will get the benefit of pension. There can be a 300 percent jump in the pension of such people.

Example No. 2

Suppose an employee has a job of 33 years. His last basic salary is 50 thousand rupees. Under the existing system, the pension would have been calculated only on a maximum salary of Rs 15,000. In this way (formula: 33 years + 2 = 35/70×15,000) the pension would have been Rs 7,500 only. This is the maximum pension in the current system. But, if the pension ceiling is removed and the pension is added according to the last salary, they will get a pension of Rs 25,000 thousand. Means (33 years+2= 35/70×50,000= Rs 25000).

Pension will increase up to 333%!

Explain that according to the rules of EPFO, if an employee contributes to EPF continuously while working for 20 years or more, then two more years are added to his service period. In this way he completed 33 years of service, but the pension was calculated for 35 years. In such a situation, the salary of that employee can increase up to 333 percent.

What is the whole matter?

The Employees’ Pension Amendment Scheme, 2014 was implemented by the Central Government by issuing notification from 1st September 2014. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of EPF and Miscellaneous Provisions Act, 1952.

The employees protested against the rules of EPFO, saying that this ensures less pension to them. Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed on the maximum salary of 15 thousand rupees. However, before the amendment made by the Central Government on September 1, 2014, this amount was Rs 6,500. Considering the rules of EPFO ​​as unjustified, the Kerala High Court approved the writ of the employees and gave its verdict. On this, EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

The post Employee’s Pension Scheme: Pension limit can be Rs 25000! One decision will increase your money up to 333% first appeared on Rightsofemployees.com.

Which pensioners need not worry?

If it has not been a year since you submitted your life certificate, then you do not need to submit your certificate till November 30, 2022. Private sector pensioners get pension under Employees’ Pension Scheme (EPS), 1995 of Employees’ Provident Fund Organization (EPFO). Pensioners of EPF’95 need not submit their life certificate in November, 2022 in these two conditions if-

1. Your pension started one year ago,

2. You submitted your last life certificate on or after December, 2021.

Deposit anytime, will be valid for 1 year

Apart from this, the pensioners of EPF’95 get another facility. You can submit your life certificate whenever you want. The only rule is that whenever you submit your life certificate, this certificate will remain valid for the next one year. You just have to keep in mind that you should submit your new life certificate as soon as its validity expires.

From where do you get the digital certificate?

You can take Digital Life Certificate from Jeevan Praman Kendras like Bank, Government Office, Post Office or Jeevan Praman App. Apart from this, you can also download it from the Jeevan Pramaan app. You can download this app from https://jeevanpramaan.gov.in /. For this, you will need a pre-approved biometric fingerprint or iris scanning device.

How to deposit Jeevan Praman Patra?

DLC can be done comfortably sitting at home with Jeevan Pramaan. Its process is here-

• You will first have to enter the details of pension account and account holder along with Aadhaar, mobile number.
• After this OTP will come for authentication on email id and mobile number. After OTP verification, you can generate DLC (Digital Life Certificate).
• Now you will have to give the pensioner’s Aadhaar number, pension payment order, bank account details and mobile number.
• After completion of biometric authentication, an SMS will come on your mobile number, which will contain the ID of your Jeevan Pramaan certificate.
• Now the pension issuing authority can access your digital life certificate on the Jeevan Pramaan website if needed.

What are the methods other than Jeevan Pramaan App?

Pensioner can also deposit his DSL through Doorstep Banking Mobile Application. To book this service, he can either call these toll-free numbers- 18001213721, 18001037188 or book this service by visiting the official website. Apart from this, they can also submit their life certificate through face authentication technology through UIDAI’s Aadhaar software.

The post Jeevan Praman Deadline: Pension will be stopped! The deadline for submission of digital life certificate is ending, settle this work immediately first appeared on Rightsofemployees.com.

Pensioners will have to submit their life certificate before its validity expires. Under the Employees’ Pension Scheme (EPS ) 1995, pensioners taking pension from the Employees’ Provident Fund Organization ( EPFO ) do not have to submit life certificates till November 30 . For example, if pensioners have submitted life certificate on 1 December 2022, it will remain valid till 30 November 2023 next year.

EPFO gave information on official tweet

In the tweet made by EPFO, it is written that EPS-95 pensioners can now submit life certificate anytime. It will be valid for 1 year from the date of deposit. Life Certificate validates the proof of life of a retired employee. They are valid for 12 months from the date of submission.

This has to be updated from time to time to ensure that the pensioners continue to get their pension. EPC pensioners were earlier required to submit digital life certificate in November. Earlier, in the month of November, a huge crowd of pensioners used to collect certificates at the centres. Now EPS-95 pensioners have benefited a lot from this.

You can submit life certificate here

– Common Service Center ( CSC)

– IPPB /Indian Post Office

– Umang App

Pension paying bank

Nearest EPFO ​​Office

These documents will be required

– Aadhaar Number

-PPO number

– Bank account information

Aadhaar linked mobile number

You can submit life certificate online

According to the Scheme Booklet released by the Central Pension Accounting Office (CPIO), if the pensioner is not physically able to appear before the PDS, he/she should get a Jeevan Pramaan or Jeevan Pramaan in the prescribed format signed by any ‘Designated Authority’. To generate a digital life certificate on the Jeevan Pramaan app, a live photo of the pensioner has to be uploaded from the smartphone.

Government gave relief

In November 2020, the Department of Pension & Pensioners’ Welfare was launched by the Ministry of Electronics and Information Technology (Meity) in collaboration with the India Post Payments Bank ( IPPB ) of the Department of Posts . This was to facilitate doorstep service for submission of digital life certificate through postman. Pensioners can avail this service by downloading ‘Postinfo App’.

The post Pensioners got relief, EPFO ​​said – do not submit life certificate till November 30 first appeared on Rightsofemployees.com.

However, the court has struck down the limit of Rs 15,000 monthly salary for joining the pension fund. Due to this, the workers whose monthly salary is more than Rs 15 thousand have got a big relief. The workers who have not yet joined the Employees’ Pension Scheme (EPS) scheme have been given an additional time of six months so that they can join it.

For this reason the court gave additional time of six months

A bench of Supreme Court Chief Justice UU Lalit, Justice Aniruddha Bose and Justice Sudhanshu Dhulia said that employees who have not exercised the option to join the pension scheme will have to do so within six months. According to the bench, the workers who could not join the scheme till the last date should be given one more chance as there was no clarity in the judgments given by the High Courts of Kerala, Rajasthan and Delhi in this matter.

The condition of additional contribution on the salary of more than 15 thousand rejected

Employees of most companies are covered under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Under this, the workers contribute 12 per cent of their salary to the pension account and the company also contributes the same amount. Earlier this contribution was fixed according to the pensionable salary of Rs 6500, which was increased to Rs 15 thousand monthly through amendment in 2014.

However, if you contribute even if you have a salary of more than Rs 15,000, you would have to make an additional contribution of 1.16 per cent. Now the court has rejected this additional contribution. However, the court said that this part of the judgment will not be implemented for six months so that the rights can collect funds. The Employees’ Provident Fund Organization and the Center had challenged the decisions of the High Courts of Kerala, Rajasthan and Delhi that struck down the 2014 scheme.

The post Supreme Court’s big decision ! Rs 15,000 limit for pension contribution canceled, check details instantly first appeared on Rightsofemployees.com.

What changes in pension withdrawal rules? Who benefits how much?

EPFO decided to allow withdrawal of deposits in Employees’ Pension Scheme-1995 (EPS-95) for those account holders who have only less than six months of service left. This facility will help the pensioners to get more pension at the time of calculation of retirement benefits.

CBT recommends changes in EPS-95 scheme-

In a statement issued by the Ministry of Labor, it has been said that the Central Board of Trustees (CBT), headed by Union Labor Minister Bhupendra Yadav, in its 232nd meeting held on Monday, has recommended to the government to make some amendments in the EPS-95 scheme.

Now there is a facility to withdraw PF before retirement-

At present, members of the Employees’ Provident Fund Organization (EPFO), who have less than six months of service left, can withdraw the amount deposited in their PF account…..then will get more pension?

The board has recommended proportionate pension benefits to the members who are in the scheme for more than 34 years.

Where to invest after retirement?

After retirement, senior citizens are generally looking for such a place of investment from where they can get regular income. There are options like Senior Citizen Savings Scheme, Pradhan Mantri Vaya Vandana Yojana, Fixed Deposit with Bank, Special Term Deposit, Reserve Bank’s Floating Rate Savings Bonds 2020 (Taxable), Post Office Monthly Income Scheme and Post Office Time Deposit Account.

The post Pension Withdrawal Rules: Employees can withdraw pension money before retirement, know new rules first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

The post EPFO: Big changes in pension scheme, 6 crore people will get direct benefit first appeared on Rightsofemployees.com.

The Supreme Court has taken a big decision today regarding the Employees’ Pension (Amendment) Scheme for the year 2014. The Supreme Court on Friday termed the Employees’ Pension (Amendment) Scheme for the year 2014 as “legal and valid”. Giving relief to several employees, the court said that those employees who have not exercised the option of joining the Employees’ Pension Scheme, should be given another six months to do so.

The court has abolished the monthly salary limit of Rs 15,000 to join the pension fund. Which in the amendment of the year 2014, the limit of maximum pensionable salary (inclusive of basic pay and dearness allowance) was fixed at Rs 15,000 per month and before the revision the maximum pensionable salary was Rs 6,500 per month.

Chief Justice U.U. has given 6 months to join the pension scheme. Lalit, Justice Aniruddha Bose and Justice Sudhanshu Dhulia said that the employees who have not exercised the option of joining the pension scheme, will have to do so within six months. The bench said that the eligible employees who could not join the scheme by the last date should be given an additional chance as there was lack of clarity on the issue in the judgments passed by the High Courts of Kerala, Rajasthan and Delhi.

The bench also invalidated this condition in the 2014 plan, in which employees will have to pay an additional contribution of 1.16 percent on the salary of more than Rs 15,000. The bench also said that the condition of making additional contribution on salary in excess of the limit would be voluntary, but added that this part of the decision would be kept suspended for six months to enable the officers to generate funds.

Let us tell you that the dispute is mainly related to the controversial amendments made in Article 11 of the EPS-1995. Before the amendment was introduced, every employee who became a member of the Employees’ Provident Fund Scheme 1952 on November 16, 1995, could avail the benefit of EPS. The maximum pensionable pay limit in the pre-revised version of EPS-1995 was Rs 6,500. However, members whose salary exceeds this limit can choose to contribute 8.33% of their actual salary along with that of their employers.

EPS was amended in 2014, which included a change in paragraph 11(3) and a new paragraph 11(4), raising the cap from Rs 6,500 to Rs 15,000. Paragraph 11(4) states that only those employees who were existing EPS members as on 1st September 2014 can continue to contribute to the Pension Fund as per their actual salary. He was given six months to choose the new pension system.

In addition, 11(4) created an additional liability for those members whose salary exceeded the limit of Rs 15,000. He was to contribute at the rate of 1.16% of the salary.

The post Big news for Pension Scheme: Supreme Court’s big decision regarding pension scheme, canceled the limit of 15000 salary first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – 

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

Government Pension Scheme: After retirement, people expect pension. Although it is not so easy to get pension in private jobs, but there are many schemes from the government, from which pension can be obtained. EPFO also gives pension facility to private job seekers. However, for this some rules have to be followed. At the same time, the tenure of some years also has to be completed. In such a situation, let us know how you can take advantage of pension from this scheme.

EPS (Employees Pension Scheme)

EPS is a scheme of Employees’ Provident Fund Organization (EPFO), whose objective is social security. This scheme is for the pension of the employees working in the organized sector after their retirement at the age of 58 years. At the same time, the benefit of this scheme can be availed only if the employee has served for at least (continuous or non-continuous) 10 years. That is, under this, the employees should have a job of 10 years. If there is a gap in the middle of the job, then that gap should be removed and there should be a job of 10 years.

Eligibility for EPS

Employees have to fulfill these qualifications to avail pension under the Employees’ Pension Scheme.

Become an EPFO ​​member.

Tenure of 10 years with active contribution to EPF pension scheme.
– Be 58 years of age or more.
– Must have attained at least 50 years of age for withdrawal from EPS pension at the reduced rate.

Do not change UAN number

On the other hand, if there is a change in job, then the employees will have to take care that they do not change their UAN number when they move to another company. Employees will have to keep their UAN number the same as it is. The 10-year tenure of the employee will also be counted on the basis of the UAN number.

This is how you will get pension after leaving the job

On the other hand, if the employees leave the job completely and their tenure is 9 years and 6 months, then it will be considered as 10 years but if the tenure is less than 9 years and 6 months, then in such a situation the employee can withdraw the pension even before the age of retirement. Because they are not entitled to pension due to lesser years.

The post Pension Scheme: Good news! Pension will be available even in private jobs, if you miss a job, you will get this benefit first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post New Pension Plan: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post New EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPF New Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see details here first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see here first appeared on Rightsofemployees.com.

“If this suggestion is accepted by the EPFO’s Central Board of Trustees, it will give relief to employers who are willing or unwilling to immediately bear any additional financial burden,” a senior government official said.

The employers in their advisory cited the burden on their balance sheets due to the outbreak of the pandemic and sought more time to implement the proposed increase.

This will also be a relief for the exchequer as the Center currently pays around Rs 6,750 crore every year towards the Employees’ Pension Scheme of EPFO. The government contributes 1.16 percent of the total basic salary of EPFO ​​subscribers for this scheme.

Under the existing rules, any company with more than 20 employees must be registered with the EPFO ​​and the EPF scheme is mandatory for all employees with an income of Rs 15,000.

Employees in excess of raising the limit to Rs 21,000 will be covered under the retirement plan. This will also align the limit with other social security scheme Employees State Insurance Corporation (ESIC) where the limit is Rs 21,000.

The post Salary Increased: Salary limit of employees increased from 15000 to 21,000 thousand, know details first appeared on Rightsofemployees.com.

In the Employees’ Pension Scheme, the maximum pension is fixed at Rs.15 thousand. After this it is sealed. Meaning, even if the basic salary is more than Rs 15,000 per month, your pension will be calculated on the maximum salary of Rs 15,000.

EPS Pension can increase manifold!

The ceiling of pension matter is pending with the Supreme Court bench. It has been heard at many levels. The union is continuously demanding that the capping on pension should be abolished. If the decision is in favor of the employees, then the calculation of pension (Employee’s Pension Scheme) can also be done on the last salary i.e. high salary bracket.

With this decision, it is possible to increase the pension of employees up to 300%. The condition for getting pension under EPS is that it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, the weightage of 2 years is available on completion of 20 years of service. Removing the ceiling will make a big difference.

How will your pension increase in EPS-95?

According to the existing rules, if an employee is doing a job from June 1, 2015 and if he wants to take pension after completing 14 years of service, then his pension would be calculated at Rs 15,000 only. Whether the employee is in basic salary of 20 thousand rupees or 30 thousand rupees.

According to the old formula, the employee will get a pension of about Rs 3000 from June 2, 2030, on completion of 14 years. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the ceiling of pension is abolished, then the pension of the same employee will increase.

Example No.1

Suppose the salary (Basic Salary + DA) of an employee is at 20 thousand rupees. Calculating from the formula of pension, his pension will become Rs.4000 (20,000X14)/70 = Rs.4000. Similarly, the higher the salary, the more he will get the benefit of pension. There can be a 300% jump in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, the calculation of pension would have been done only on the maximum salary of 15 thousand rupees. In this way (Formula: 33 Years+2= 35/70×15,000) the pension would have been Rs 7,500 only. This is the maximum pension in the current system. But, after removing the pension ceiling, adding pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years+2= 35/70×50,000= Rs 25000).

According to the rules of EPFO , if an employee contributes to the EPF continuously while working for 20 years or more, then two more years are added to his service. In this way, 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

The post Employee’s Pension Scheme: Now pension will be increased on this basis, understand the formula of increase first appeared on Rightsofemployees.com.

It is believed that under the Employees’ Pension Scheme-95, the pension can increase by 333%. In the Employees’ Pension Scheme, the maximum pension is fixed at Rs.15 thousand. After this it is sealed. Meaning, even if the basic salary is more than Rs 15,000 per month, your pension will be calculated on the maximum salary of Rs 15,000.

EPS Pension can increase manifold!

The ceiling of pension matter is pending with the Supreme Court bench. It has been heard at many levels. The union is continuously demanding that the capping on pension should be abolished. If the decision is in favor of the employees, then the calculation of pension (Employee’s Pension Scheme) can also be done on the last salary i.e. high salary bracket. 

With this decision, it is possible to increase the pension of employees up to 300%. The condition for getting pension under EPS is that it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, the weightage of 2 years is available on completion of 20 years of service. Removing the ceiling will make a big difference.

How will your pension increase in EPS-95?

According to the existing rules, if an employee is doing a job from June 1, 2015 and if he wants to take pension after completing 14 years of service, then his pension would be calculated at Rs 15,000 only. Whether the employee is in basic salary of 20 thousand rupees or 30 thousand rupees. According to the old formula, the employee will get a pension of about Rs 3000 from June 2, 2030, on completion of 14 years. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the ceiling of pension is abolished, then the pension of the same employee will increase.

Example No.1

Suppose the salary (Basic Salary + DA) of an employee is at 20 thousand rupees. Calculating with the formula of pension, his pension will become Rs.4000 (20,000X14)/70 = Rs.4000. Similarly, the higher the salary, the more he will get the benefit of pension. There can be a 300% jump in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, the calculation of pension would have been done only on the maximum salary of 15 thousand rupees. In this way (Formula: 33 Years+2= 35/70×15,000) the pension would have been Rs 7,500 only. This is the maximum pension in the current system. But, after removing the pension ceiling, adding pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years+2= 35/70×50,000= Rs 25000). 

333 percent salary will increase

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. In this way, 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

The post Employee pension scheme: EPS pension can increase manifold! 33+2= 35/70×50,000, understand how much your pension will be made first appeared on Rightsofemployees.com.

What is the matter of removing the EPS limit?

Before proceeding on this matter, let us know what is this whole matter. At present, the maximum pensionable salary is limited to Rs 15,000 per month. Means whatever your salary is, but pension will be calculated according to only Rs 15,000. The matter of removing this limit is going on in the court.

The Supreme Court had on August 12 last year adjourned the hearing of a batch of petitions filed by Union of India and Employees’ Provident Fund Organization (EPFO), which said that the pension of employees would be Rs 15,000. may not be limited to Rs. The hearing of these cases is going on in the court.

Now what are the rules regarding EPS?

When we start a job and become a member of EPF, we also become a member of EPS. The employee gives 12% of his salary in EPF, his company also gives the same amount, but 8.33 percent of his share also goes to EPS.

As we have mentioned above that at present the maximum pensionable salary is only Rs 15 thousand i.e. every month the share of pension is maximum (8.33% of 15000) Rs 1250.

Even when the employee retires, the maximum salary is considered for calculation of pension. According to this, an employee can get a maximum pension of Rs 7,500 under EPS, if it is Rs 15 thousand.

This is how pension calculation happens?

One thing to note is that if you have started contributing to EPS before 1st September 2014, then the maximum limit of monthly salary for pension contribution for you will be Rs 6500. If you have joined EPS after 1st September 2014 then the maximum salary limit will be 15,000. Now see how pension is calculated.

EPS Calculation Formula

Monthly Pension = (Pensionable Salary x Year of EPS Contribution)/70
Here assume that the employee started contributing to EPS after 1st September, 2014, then the pension contribution would be 15,000
assuming he has worked for 30 years.
Monthly pension = 15,000X30/70 = Rs 6428

Maximum and Minimum Pension

One more thing to be remembered is that the employee’s service of 6 months or more will be considered as 1 year and if it is less then it will not be counted. That is, if the employee has worked for 14 years 7 months, then he will be considered as 15 years.

But if you have worked for 14 years 5 months then only 14 years of service will be counted. The minimum pension amount under EPS is Rs 1000 per month, while the maximum pension is Rs 7500.

8,571 will get pension

• If the limit of 15 thousand is removed and your basic pay becomes Rs 20 thousand, then you will get pension as per the formula (20,000 x 30)/70 = Rs 8,571.
• Existing Conditions for Pension (EPS)
• It is necessary to be a member of EPF for pension
• Must have been in the job for at least 10 regular years
• Pension is available when the employee turns 58
• There is an option to take pension after 50 years and even before the age of 58 years
• Keep in mind that you will get less pension on the first pension and for this you will have to fill Form 10D
• In case of death of the employee, the family gets pension.
• If the service history is less than 10 years, then they will get the option to withdraw the pension amount at the age of 58 years.

The post EPFO Pension Plan: Know whether you will get double the pension now! first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- 

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension –

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Plan: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Plan: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.

What is the matter of removing the EPS limit?

Before proceeding on this matter, let us know what is this whole matter. At present, the maximum pensionable salary is limited to Rs 15,000 per month. Means whatever your salary is, but pension will be calculated according to only Rs 15,000. The matter of removing this limit is going on in the court.

The Supreme Court had on August 12 last year adjourned the hearing of a batch of petitions filed by Union of India and Employees’ Provident Fund Organization (EPFO), which said that the pension of employees would be Rs 15,000. may not be limited to Rs. The hearing of these cases is going on in the court.

Now what are the rules regarding EPS?

When we start a job and become a member of EPF, we also become a member of EPS. The employee gives 12% of his salary in EPF, his company also gives the same amount, but 8.33 percent of his share also goes to EPS.

As we have mentioned above that at present the maximum pensionable salary is only Rs 15 thousand i.e. every month the share of pension is maximum (8.33% of 15000) Rs 1250.

Even when the employee retires, the maximum salary is considered for calculation of pension. According to this, an employee can get a maximum pension of Rs 7,500 under EPS, if it is Rs 15 thousand.

This is how pension calculation happens?

One thing to note is that if you have started contributing to EPS before 1st September 2014, then the maximum limit of monthly salary for pension contribution for you will be Rs 6500. If you have joined EPS after 1st September 2014 then the maximum salary limit will be 15,000. Now see how pension is calculated.

EPS Calculation Formula

Monthly Pension = (Pensionable Salary x Year of EPS Contribution)/70
Here assume that the employee started contributing to EPS after 1st September, 2014, then the pension contribution would be 15,000
assuming he has worked for 30 years.
Monthly pension = 15,000X30/70 = Rs 6428

Maximum and Minimum Pension

One more thing to be remembered is that the employee’s service of 6 months or more will be considered as 1 year and if it is less then it will not be counted. That is, if the employee has worked for 14 years 7 months, then he will be considered as 15 years.

But if you have worked for 14 years 5 months then only 14 years of service will be counted. The minimum pension amount under EPS is Rs 1000 per month, while the maximum pension is Rs 7500.

8,571 will get pension

If the limit of 15 thousand is removed and your basic pay becomes Rs 20 thousand, then you will get pension as per the formula (20,000 x 30)/70 = Rs 8,571.
Existing Conditions for Pension (EPS)
It is necessary to be a member of EPF for pension
Must have been in the job for at least 10 regular years
Pension is available when the employee turns 58
There is an option to take pension after 50 years and even before the age of 58 years
Keep in mind that you will get less pension on the first pension and for this you will have to fill Form 10D
In case of death of the employee, the family gets pension.
If the service history is less than 10 years, then they will get the option to withdraw the pension amount at the age of 58 years.

The post EPFO Pension Update: Know whether you will get double the pension now! first appeared on Rightsofemployees.com.

What is the matter of removing the EPS limit?

Before proceeding on this matter, let us know what is this whole matter. At present, the maximum pensionable salary is limited to Rs 15,000 per month. Means whatever your salary is, but pension will be calculated according to only Rs 15,000. The matter of removing this limit is going on in the court.

The Supreme Court had on August 12 last year adjourned the hearing of a batch of petitions filed by Union of India and Employees’ Provident Fund Organization (EPFO), which said that the pension of employees would be Rs 15,000. may not be limited to Rs. The hearing of these cases is going on in the court.

Now what are the rules regarding EPS?

When we start a job and become a member of EPF, we also become a member of EPS. The employee gives 12% of his salary in EPF, his company also gives the same amount, but 8.33 percent of his share also goes to EPS.

As we have mentioned above that at present the maximum pensionable salary is only Rs 15 thousand i.e. every month the share of pension is maximum (8.33% of 15000) Rs 1250.

Even when the employee retires, the maximum salary is considered for calculation of pension. According to this, an employee can get a maximum pension of Rs 7,500 under EPS, if it is Rs 15 thousand.

This is how pension calculation happens?

One thing to note is that if you have started contributing to EPS before 1st September 2014, then the maximum limit of monthly salary for pension contribution for you will be Rs 6500. If you have joined EPS after 1st September 2014 then the maximum salary limit will be 15,000. Now see how pension is calculated.

EPS Calculation Formula

Monthly Pension = (Pensionable Salary x Year of EPS Contribution)/70
Here assume that the employee started contributing to EPS after 1st September, 2014, then the pension contribution would be 15,000
assuming he has worked for 30 years.
Monthly pension = 15,000X30/70 = Rs 6428

Maximum and Minimum Pension

One more thing to be remembered is that the employee’s service of 6 months or more will be considered as 1 year and if it is less then it will not be counted. That is, if the employee has worked for 14 years 7 months, then he will be considered as 15 years.

But if you have worked for 14 years 5 months then only 14 years of service will be counted. The minimum pension amount under EPS is Rs 1000 per month, while the maximum pension is Rs 7500.

8,571 will get pension

• If the limit of 15 thousand is removed and your basic pay becomes Rs 20 thousand, then you will get pension as per the formula (20,000 x 30)/70 = Rs 8,571.
• Existing Conditions for Pension (EPS)
• It is necessary to be a member of EPF for pension
• Must have been in the job for at least 10 regular years
• Pension is available when the employee turns 58
• There is an option to take pension after 50 years and even before the age of 58 years
• Keep in mind that you will get less pension on the first pension and for this you will have to fill Form 10D
• In case of death of the employee, the family gets pension.
• If the service history is less than 10 years, then they will get the option to withdraw the pension amount at the age of 58 years.

The post EPFO Pension Update: Know whether you will get double the pension now! first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- 

Hearing is going on in the Supreme Court to end this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension

According to the current system, if an employee is working from 1st June 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated as Rs.15 thousand only. regardless of how many years he has been working. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%

! and are joined. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter

Employees Pension Revision Scheme, 2014 was implemented by the Central Government by issuing a notification from 1st September 2014. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019 –

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It’s necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Yojana ! Good News: Increase in pension of employees, now you will get Rs 250000, check Details immediately first appeared on Rightsofemployees.com.

Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Scheme: Big News! Pension will increase from Rs 7500 to Rs 25000, see calculation here first appeared on Rightsofemployees.com.