Those who take advantage of Higher Pension Scheme have a chance to apply for it till June 26, that is, if you also want more money in your account, then you have a few more days left. In this, more than 12 lakh have applied so far.

EPFO gave information

Giving information, EPFO ​​has told that its employees should not face any kind of problem. For this reason, it has been decided to start the Higher Pension Scheme. On November 4, 2022, the Supreme Court gave an important decision regarding higher pension. For this, it was asked to choose a new option within four months.

Lumpsum amount may decrease

Let us tell you that if you select the option of higher pension, then by doing so, the amount of money received after retirement may decrease, but your monthly pension will increase. Experts believe that this scheme has both advantages and disadvantages. If you have a few years left in your job, then the employee’s focus should be on lump sum money.

How to apply for higher pension

->> For higher pension, first of all one has to go to the e-seva portal.
>> After that click on Pension on Higher Salary.
>> Now you will reach the new page where you will see 2 options.
>> Those who retire before September 1, 2014 will have to choose the first option.
>> Apart from this, if you are still doing the job, then you have to select the second option.
>> Details like UAN, name, date of birth, Aadhaar, mobile have to be filled.
>> Now OTP will come on your Aadhaar linked mobile number, it has to be entered.

Last week, the pension was increased in 2014.

EPFO ​​had released the details of its process last week. It was told that the shareholders and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees Pension Scheme, 2014.

Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS. EPFO has issued a circular in this regard to its field offices.

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Earlier this limit was 28 years. This decision was taken in the state cabinet meeting chaired by Rajasthan Chief Minister Ashok Gehlot on Tuesday night. In this way, this news has come as a great news for the government employees of the state and millions of government employees and pensioners of the state will get its benefit.

Government employees in Rajasthan will get full pension after completing 25 years of service

According to a statement, the Ashok Gehlot cabinet has approved the proposal to amend the Rajasthan Civil Services (Pension) Rules, 1996. With this, instead of the required service of 28 years, the employees will be able to get the benefit of full pension only after completing 25 years of service and retirement. Apart from this, pensioners and family pensioners of 75 years will get 10 percent additional pension allowance.

The decision will be effective from April 1, 2023

In case of death of an employee or pensioner, his married disabled son/daughter and eligible members earning up to Rs.12,500 per month will also be able to get the benefit of family pension. The notification of this amendment will be effective from April 1, 2023.

It was also decided to increase the special pay of the personnel.

In the meeting, important decisions regarding promotion, pension, special pay, designation were taken in the interest of the employees. The cabinet has also approved the proposal to amend the Rajasthan Civil Services (Revised Pay) Rules, 2017. This will increase the special pay of the personnel. It is noteworthy that Rajasthan CM Ashok Gehlot had announced this in the budget of 2023-24.

The Gehlot cabinet has also approved the proposal to allot land to Veer Gurjar Vikas and Charitable Trust, Bhilwara and Regar Samaj, Bikaner. Along with this, the cabinet has also approved the proposal to rename Medical College Dausa as ‘Pandit Naval Kishore Sharma Medical College Dausa’.

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Instructions were given to do so. In the circular issued by the Employees’ Provident Fund Organization (EPFO) on December 29, the Central Government has ordered the implementation of the Supreme Court’s directions. The Regional Offices have been asked to implement the directions contained in para 44 (9) of the Supreme Court’s judgment dated November 4, 2022, within the prescribed time limit.

Along with this, the regional offices will also have to give adequate publicity to the decision taken by the EPFO.

There was an increase in the pensionable salary limit

Earlier, the Supreme Court had upheld the Employees Pension (Amendment) Scheme 2014 in its decision. The EPS revision (August 2014) raised the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. In addition, members were allowed to contribute 8.33 per cent of their actual salary (if it exceeds the limit) to the EPS along with their employers.

In this, all EPS members were given 6 months to opt for the revised scheme. In its order, the apex court had given 4 months more time to the eligible subscribers to opt for higher pension option under EPS-95.

When can the money deposited in PF account be withdrawn?

After retirement, you can withdraw the money deposited in your PF account anytime. Apart from this, you can withdraw the entire amount of your EPF even after 2 months of leaving the job. If you have lost your job and you are unemployed for 2 months, then even in such circumstances you can withdraw the entire amount of PF.

However, if you want to make partial withdrawal of PF while working, then you have to follow some rules. Money deposited in PF account is received within 3 to 7 days (Working Days) of the application.

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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.

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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.

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The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

The post Employees Pension Increased: Good News ! There may be an increase of Rs 8500 in the pension of the employees, know how 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.

The Supreme Court has taken a big decision regarding the Employees’ Pension (Amendment) Scheme for the year 2014. The apex court has upheld the validity of the Employees’ Pension (Amendment) Scheme, 2014, after which eligible employees who did not adopt the extended pension coverage before 2014 can also become a part of it in the next 4 months.

After this decision, employees who were existing members of EPS till September 1, 2014, can contribute up to 8.33 per cent of their ‘actual’ salary. Earlier, they were able to contribute only 8.33 percent of the pensionable salary and its maximum limit was fixed at Rs 15,000 per month, but now employees will be able to contribute more in this scheme and get more benefits.

Along with this, the court on Friday canceled the condition in the amendments of 2014, in which it was mandatory for the employee to contribute 1.16 percent of the salary of more than 15 thousand per month.

According to news agency PTI, the employees’ organizations have demanded that the government convene an extraordinary meeting of the Central Board of Trustees of retirement fund body EPFO ​​so that the Supreme Court order can be implemented soon.

In August 2014, by amending the pension scheme, the maximum limit of pensionable salary was raised to Rs 15,000 per month from Rs 6,500 per month earlier. This made it possible for the member and his employer to contribute 8.33 per cent of the actual wages.

The post Employees’ Pension: Relief to employees due to SC’s decision, can adopt extended pension coverage within 4 months first appeared on Rightsofemployees.com.

The Employees’ Provident Fund Organization (EPFO) has put a cap of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this pension is calculated.

But, after the decision of the Supreme Court, this cap will be removed and the pension will be calculated at Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of the employees can be increased by at least Rs 8500.

EPFO has put a cap on 15000, even if the salary of an employee is more than Rs 15000, then the PF on salary will be calculated at Rs 15000 only. That is, if the basic salary of an employee is Rs 50000 and he wants to calculate his pension on 50000 only, then he cannot do so. The reason for this is that there is a cap on Rs 15,000 from EPFO.

Pension will increase on abolishing the salary limit

, however, hearing is going on in the Supreme Court regarding this matter. If the Supreme Court does away with the salary limit, then PF can be calculated on the highest bracket as well. That is, if the basic salary is more than Rs 15000, the PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get many times more pension.

What is the matter

Employees’ Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time the private sector employees opposed it. On this EPFO ​​filed an SLP in the Supreme Court. The Supreme Court decided to hold a hearing. On 1 April 2019, while hearing EPFO’s SLP, it said that the employees who are contributing on the basis of their actual salary, they are depositing with their company in the form of joint option.

They are unable to take advantage of the benefits of the pension scheme without justification. There is no justification for fixing the pension salary at Rs 15,000. The matter is being heard continuously since August 17 and the matter is still pending.

How much will the pension increase?

If the salary (basic pay + dearness allowance) of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500. EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.

The post Pension Increased: Good News ! There may be an increase of Rs 8500 in the pension of the employees, know how 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 EPFO Pension Scheme Big News: Supreme Court’s big decision regarding pension scheme, canceled the limit of 15000 salary first appeared on Rightsofemployees.com.

In such a situation, there can be an increase of 9% in the pension of the employees. The government is going to give a wonderful gift to the subscribers of the Pension Scheme (EPS) of EPFO ​​​​(EPFO). Now preparations are on to increase the minimum pension available in this scheme by 9 times. If this happens, now people associated with EPS can get 9-9 thousand rupees every month instead of 1-1 thousand.

According to the news, the Labor Ministry can take a decision in this regard in the meeting to be held in February. In the same meeting, there are speculations that a decision will be taken on the new Wage Code. It is being told that the main agenda of this important meeting is to increase the minimum pension under the Employees’ Pension Scheme.

Pensioners have been demanding for a long time that the minimum pension should be increased. Several rounds of discussion have already taken place in this regard. The Standing Committee of Parliament has also suggested in this regard. It is being told that the decision to increase the minimum pension is being taken on the basis of the recommendations of the committee.

The Standing Committee of Parliament had suggested this in March 2021. The committee had said that the minimum pension amount should be increased from the existing one thousand to three thousand. However, pensioners say that it should be increased to 9 thousand. This will happen only then the pensioners associated with EPS-95 will be able to get the benefit in the true sense.

There is also a suggestion that the minimum pension should be decided from the last salary of the person concerned. The minimum pension should be fixed on the basis of the last salary received by the employee just before retirement. This suggestion can also be considered in the meeting of the Labor Ministry going to be held in February.

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