New Delhi. Government employees receive a pension. But many people are unaware that private employees also receive a pension. If you hold a private job, this news may be useful to you. In this news, we’ll explain the minimum and maximum pension amounts in private jobs.

What is the minimum pension under the EPFO?
The minimum pension under the Employees’ Pension Scheme (EPS-95) under the EPFO ​​is currently ₹1,000 per month. This was fixed in 2014 and has remained unchanged since then. The minimum pension under the Employees’ Pension Scheme (EPS-95) is expected to be increased to ₹7,500 from May 2025. This increase is intended to provide retired employees with a more livable pension and will include an inflation-linked dearness allowance (DA) component, which will be adjusted twice a year.

Will the pension increase?
The government will also increase the minimum pension under the EPFO. Work on this has already begun. Various employee organizations have long demanded that the amount of ₹1,000 is too low considering current inflation. Trade unions and various pensioners’ associations have long demanded an increase in the pension amount under the Employees’ Pension Scheme (EPS) to ₹7,500.

However, according to reports, the CBT will not increase the pension by 7.5 times and may consider increasing it by ₹2,500. However, it is not yet clear how much the increase will be. Different media reports are making different claims.

To receive a pension under the EPS, employees must fulfill the necessary conditions. For this, the employee must be an EPFO ​​member and their PF must be deducted for at least 10 years. Pension benefits begin after the age of 58.

How is pension determined under EPFO?
Pension under EPS is calculated using a fixed formula: Pension = (Pensionable Salary × Pensionable Service) ÷ 70

Pensionable Salary is the average basic pay + dearness allowance for the last 60 months of service, with a maximum limit of ₹15,000. Pensionable service represents the total years of service, rounded off if it is 6 months or more, and you need at least 10 years of service to be eligible for a pension.

The maximum limit for pensionable salary is ₹15,000 per month. This means that if a member has served for 35 years, they can receive a maximum pension of ₹7,500 per month.

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EPFO Pension Rules: If your PF is deducted, this news is very useful for you. Actually, EPFO ​​has changed some pension-related rules, which you should be aware of. Today, we are going to tell you about five changes that will affect your retirement reimbursement. Let’s learn about those changes.

Changed Pension Calculation Rules
The Employees’ Provident Fund Organization (EPFO) has changed the rules for calculating pensions. This change is very beneficial for pensioners. Previously, pensions were calculated based on the last salary drawn, but now they will be calculated based on the average salary of 5 years.

The pension withdrawal age has been changed.

The previous age for pensionwithdrawals was 58 years, but this has now been reduced to 50. Individuals wishing to receive their pension early can apply at age 50. Please note that early retirement reduces the pension amount.

Claim your pension online
The EPFO ​​continues to update its services for employees to ensure that employees receive their pensions without any difficulties. Consequently, all pension claim processes, such as filling out forms, uploading documents, and obtaining approval, can be completed through the EPFO ​​website or mobile app. Previously, this process used to involve long queues.

No loss of pension due to job changes
The EPFO ​​has clearly stated that if an employee changes jobs, their pension will not be lost. Their old record will be linked to the new company, allowing them to continue receiving their pension.

Pension limit also increased
EPFO has also increased the maximum pension limit. Previously, this limit was ₹7,500, which has now been increased to ₹15,000. Therefore, if you have a high salary, you can receive a maximum pension of ₹15,000 after retirement. It’s worth noting that many of these changes are old, but pensioners should be aware of them.

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The Employees’ Provident Fund Organisation (EPFO) has announced a major relief for its over 7.5 crore members. Union Labour and Employment Minister Mansukh Mandaviya had said on June 24, 2025 that EPFO ​​has increased the auto-claim settlement limit of PF (Provident Fund) from Rs 1 lakh to Rs 5 lakh. This move will prove to be a boon for those who need money urgently in emergencies.

This new rule of EPFO ​​will make the method of withdrawing funds easier and faster. This auto-claim facility, which was started in 2020 during the Covid-19 pandemic, earlier helped in withdrawing funds for illness. Now it has been further expanded. Now claims up to Rs 5 lakh can also be settled automatically for important works like education, marriage and house construction.

Features of EPFO ​​Auto Claim

• Faster processing: 95 percent of claims are now settled within 3 days, which previously took 10 days.
• Withdraw through UPI and ATM: By May-June 2025, EPFO ​​members will also be able to withdraw money through UPI and ATM.
• Less Rejection: The claim rejection rate has come down from 50% to 30%. This simply means that the chances of the claim being approved are now higher.
• Less hassle: If KYC is complete and Aadhaar, PAN card and bank details are linked, the claim will be processed without any documents.

How to take advantage?

Log in to your UAN portal, verify your KYC, and file a claim online. With just a few clicks, the money will be in your account. Your UAN should be linked to Aadhaar. If so, you won’t need the employer’s approval to update the bank details.

EPFO aims to settle all claims like pension, insurance and PF withdrawal within 72 hours. For this, new technologies like AI and machine learning are being used, which will further improve the experience of your fund holders.

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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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In the latest update related to this matter, MP Asaduddin Owaisi raised the question in the Lok Sabha whether the government has received any proposal to increase the minimum pension amount under EPS, 1995? He also sought details of any such proposal related to increasing the pension.

The government gave this answer regarding increasing the minimum pension amount
Responding to the request for increasing the minimum pension amount, Minister of State for Finance Pankaj Chaudhary said that the Ministry of Labor and Employment has received a request to increase the minimum pension amount under EPS. Those requesting include stakeholders as well as trade unions.

Asaduddin Owaisi also asked whether the government has done any evaluation of these requests for increasing EPS pension, especially based on the comments made in the 30th report of the Standing Committee on Labor, Textiles and Skill Development. He also sought information about those assessments.

Minister of State for Finance Pankaj Chaudhary in his reply said that “EPS, 1995 is a ‘Defined Contribution-Defined Benefit’ social security scheme. The corpus of the Employee Pension Fund is formed by (i) contribution of 8.33 per cent of the salary paid by the company every month; and (ii) contribution of the Central Government through budgetary support at the rate of 1.16 per cent of the salary up to an amount of Rs 15,000/- per month. The fund is mandatorily evaluated every year under paragraph 32 of the EPS, 1995. ”
Apart from this, MP Asaduddin Owaisi also asked whether the government is considering providing financial resources to facilitate increase in pension under EPS, 1995. If it is doing so, then he asked for information about it and if it is not doing so, then he asked the reason behind it.

Responding to a question, the Minister of State for Finance said, “The government, for the first time in the year 2014, provided a minimum pension of Rs 1000 per month to pensioners under EPS, 1995 by providing budgetary support. And this was in addition to the budgetary support of 1.16 per cent of the salary provided annually to the Employees’ Provident Fund Organization (EPFO) for EPS.

What is the minimum pension prescribed under EPS 95?

In September 2014, the central government announced a minimum pension of Rs 1,000 per month for pensioners covered under EPS, 1995. However, the Labour Ministry had sent a proposal to the Finance Ministry last year, demanding doubling the minimum pension to Rs 2,000 per month under EPS-95. But this proposal has not been approved by the Finance Ministry.

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In fact, in September, the central government approved the Centralized Pension Payment System (CPPS) for the Employees’ Pension Scheme, 1995, through which pensioners will be able to get their pension from any bank branch in the country. In October, under the pilot project of CPPS in Jammu, Srinagar and Karnal areas, pension of Rs 11 crore was given to 49,000 EPS pensioners and this process will be implemented across the country from January 2025.

How to get the benefit of pension

After the implementation of CPPS, pensioners will no longer need to transfer the Pension Payment Order (PPO) even if they move to any city or change bank/branch. Pensioners will now be able to get their pension from any bank branch across the country. The pension distribution system is decentralized, with each regional or zonal office of EPFO ​​​​entering into agreements with only 3-4 banks. Under CPPS, this system will change and pensioners will get pension without any verification process in the bank. Pension will be paid directly into their account.

What is the CPPS system

The disbursement of pension under the CPPS system will be smooth across India. Pensioners will no longer need to send PPOs if they move anywhere or change their bank/branch. This will be a relief especially for those pensioners who return to their hometown after retirement. The new system is part of EPFO’s ongoing IT modernization project, Centralized IT Enabled System (CITES 2.01), and will be fully implemented by January 2025. This change is a significant improvement in EPFO’s service for 78 lakh EPS pensioners.

The post EPFO Pension New Service: Big relief! Pensioners will get new service from January 1, 2025 first appeared on Rightsofemployees.com.

Under this, employees can get the option to convert the amount deposited in their PF accounts into pension funds. He said that it is necessary to provide more options for social security to the employees under the Employees Provident Fund.

Mandaviya also said that if an employee wants to convert his PF amount into a pension fund after retirement, it can increase his pension amount. The government is seriously considering this and is likely to take steps in this direction in the future. About 20 lakh new employees have joined EPFO ​​in July, which is the highest figure so far this financial year. Of these, 10.52 lakh employees are those who have started a job for the first time and have registered with EPFO.

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EPFO portal will work like a bank website

Regarding the solution of problems related to the EPFO ​​portal, the minister said that efforts are being made to make it like a banking website. In the next six months, extensive improvements will be seen in this portal, which will enable employees to get all the services at one click. The entire system is being improved in this direction.

Mandaviya also talked about new employment opportunities in the semiconductor sector. He said that there is a possibility of huge employment opportunities being created in the semiconductor industry, as many companies in India are being motivated to invest in this sector.

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If you also work in the private sector and are an EPFO ​​member, then you must have this information.

Early Pension

Usually EPFO ​​gives pension from the age of 58 years, but if a member is entitled to pension and wants to get pension before the age of 58, then he can claim after the age of 50 years. EPFO ​​has also made a provision for early pension. However, in early pension, the pension of EPFO ​​​​members is reduced by 4 percent every year. That means if someone has to get a pension of Rs 10,000 at the age of 58, then on claiming at the age of 57, it will be reduced by 4% i.e. Rs 9,600 and at the age of 56, it will be reduced by 8% i.e. Rs 9,200 as pension.

Retirement Pension

Retirement pension is the pension that is given to you by EPFO ​​after you turn 58 years old. The amount of pension depends on your total contribution to the pension fund. If you want, you can claim pension after 58 years up to 60 years. In such a situation, EPFO ​​increases the pension of members by 4 percent every year.

Disability Pension

This pension is given when a person becomes temporarily or permanently disabled during service. For this, the condition of age and contribution to the pension fund for 10 years does not apply. If a subscriber has contributed to EPS for even two years, then he is entitled to this pension.’

Widow or child pension

After the death of an EPFO ​​subscriber, his wife and two children below the age of 25 years are entitled to pension. The third child is also entitled to pension, but when the pension of the first child stops at the age of 25, then the third child’s pension will start. The 10-year rule of pension does not apply even in the event of the death of an EPFO ​​subscriber. If a subscriber has contributed for even one year, then on his death his widow and children will be entitled to pension.

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Orphan Pension

If the wife of an EPFO ​​subscriber dies along with his death, then two children below the age of 25 years are entitled to pension. For such a situation, EPFO ​​has a provision of orphan pension. But this pension will be available to the children only till the age of 25 years.

Nominee Pension

In case the EPFO ​​member does not have a spouse or child, on the death of the EPFO ​​member, the nominee appointed by him receives this pension. If the EPFO ​​member has made both his mother and father as nominees, then in such a situation both will get the pension amount according to the fixed share. If only one person is made the nominee, then the entire amount will go to the nominee.

Dependent Parents Pension

Under EPFO, if a single EPFO ​​subscriber dies, then his dependent father is considered entitled to pension. If the father dies, then the subscriber’s mother gets the pension. She gets pension for life. For this, Form 10D has to be filled.

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Employees’ Provident Fund Organization (EPFO) provides pension to its shareholders. The amount of pension a shareholder will receive depends on the contribution and age of the shareholder. EPFO starts giving pension when a subscriber completes 58 years of age and has contributed to EPFO ​​for 10 years. But, if a subscriber takes pension from EPFO ​​at the age of 60 years instead of 58 years, then he gets more pension. If you start taking pension at the age of 60 instead of 58, then you will get 8 percent more money as pension than the normal pension amount.

EPS is a pension scheme run by EPFO. Every month, 12 percent of the employee’s basic salary + DA is deposited in the PF account. The employer’s contribution is also the same. Out of this, 8.33% amount goes to the employee’s pension fund (EPS Fund) and only the remaining 3.67% amount goes to the PF account. EPFO has explained about the rules related to pension in an X post.

Check out our informative video on member pension benefits provided by EPFO! 👇https://t.co/qPvJMabJXr #MemberPension #EPS95 #HumHaiNa #EPFOwithYou #EPF #EPFO #ईपीएफओ #ईपीएफ pic.twitter.com/AKqzYnX97H

— EPFO (@socialepfo) April 5, 2024

According to EPFO ​​rules, any employee who contributes to EPFO ​​and has completed 10 years of service, becomes eligible to receive pension. If the total period of employment is less than 10 years, then the amount deposited for pension can be withdrawn anytime in between. Employees who have completed service period of 10 years or more are given pension from EPFO ​​after retirement i.e. from the age of 58.

Why is higher pension given?

EPFO ​​provides the facility to take higher pension at the age of 60 to encourage the subscribers to contribute more. Shareholders can deposit money in EPFO ​​pension fund till the age of 60 years. EPFO subscriber can get pension even after turning 50 years of age and contributing for 10 years.

You will get less pension.

If your 10 years of service period has been completed and your age is between 50 years to 58 years, then only you can claim for early pension. But in this you get less pension. The earlier you withdraw the money before the age of 58, the pension you will get will be reduced by 4 percent for every year. Suppose a person withdraws monthly pension at the age of 56, then he will get only 92 percent (100% – 2×4) of the basic pension amount.

If you are below 50 years of age,

if you have completed 10 years of service and your age is below 50 years, then you cannot claim pension. In such a situation, after leaving the job, you will get only the funds deposited in EPF. Pension will be available from the age of 58 years.

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If you are a salaried employee and are about to retire, you can get Rs 7,200 as pension every month after retirement. Now you must be thinking that after retirement, how will you get a pension of Rs 7,200 every month and how to calculate it, then let us tell you that both public and private sector employees are considered eligible for post-retirement pension. That’s why employees get pension after retirement .

Employees’ Provident Fund (EPF) was created when the Parliament approved the EPF Act. The funds contributed to the Employer and Employee Permanent Account are managed by the EFPO. This is known by a unique account number (UAN number), as per the law. Using the EPF calculator, salaried employees can calculate their savings with accuracy.

Employees are required by law to contribute 12% of their basic monthly salary plus EPF. The employer is then compelled to contribute in like manner. Money is deposited by both the employee and the employer in the Permanent Account identified by UAN or Unique Account Number. EFPO oversees all the employees of India and fully monitors their PF account. With the help of EPF calculator, you can calculate your savings correctly.

Calculate your savings like this

First enter your basic salary and your age.

Then the employer’s contribution (EPS+EPF), total interest received, and total maturity amount will be shown.

How does the EPF calculator work?

Every employee of India contributes 12 per cent of his basic salary and dearness allowance to the EPF account every month. For example the employee’s contribution will be 12% of Rs.60,000 i.e. Rs.7,200. That is, after retirement, you will continue to get Rs 7200 as pension throughout your life.

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In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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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.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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Finance Minister: There is big news for EPFO ​​subscribers. A parliamentary committee will seek an explanation from the Finance Ministry for turning down the Labor Ministry’s proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers from the current Rs 1,000 per month.

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Actually, there has been a demand to increase the pension of PF subscribers for a long time. But the Finance Ministry has rejected the Labor Ministry’s proposal in this regard.

Proposal to increase the pension from Rs 1000 per month The proposal to increase
the existing pension of PF subscribers from the existing Rs 1,000 per month was given by the Ministry of Labor. The parliamentary committee will seek clarification from the Finance Ministry in this regard. However, it could not be found that how much pension has been proposed by the Ministry of Labor?

Top officials of the Ministry of Labor and EPFO ​​informed the Parliamentary Standing Committee on Labor, headed by BJD MP Bhartrihari Mahtab, about the operation of the EPF Pension Scheme and the management of its funds. Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension.

The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

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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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In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Good News! Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules 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.

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.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

A parliamentary committee will seek an explanation from the Finance Ministry to reject the Labor Ministry’s proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers from the existing Rs 1,000 per month. However, the amount of the increase proposed by the labor ministry could not be ascertained. Top officials of the Labor Ministry and EPFO ​​on Thursday briefed the Parliamentary Standing Committee on Labor under the chairmanship of BJD MP Bhartrihari Mahtab about the operation of the EPF Pension Scheme and the management of its funds.

Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension. The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

EPFO board made changes in the pension scheme

EPFO ​​has allowed the employees retiring in less than six months to withdraw the amount deposited under the Employees’ Pension Scheme 1995 (EPS-95). At present, the Employees’ Provident Fund Fund (EPFO) allows subscribers to withdraw deposits from the Employees’ Provident Fund account only if there is less than six months of service left.

This decision means that now the subscribers of EPFO ​​will be able to withdraw money from the pension fund as well. EPFO allows withdrawal of the amount deposited in its Employees Provident Fund account i.e. EPF account only if the service is less than six months till now. According to the rules till now, you get pension fund money after retirement. However, now the EPFO ​​has sent its proposal to the Finance Ministry and its official approval is awaited.

Reaching 10 crore people

According to Union Labor Minister Bhupendra Yadav, the scope of EPFO ​​will be increased from the current 6.5 crore members to 10 crore members. He said that the biggest responsibility of EPFO ​​is to reduce its litigation and increase the spread.

The post Big news about EPFO ​​pension! Government rejects proposal to increase pension, parliamentary committee seeks clarification first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules Change: Big News! There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Good news! Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Now these people will get monthly pension of 3000 rupees every month! check details immediately first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules: Big news! There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO introduced new pension plan: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules 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 details here first appeared on Rightsofemployees.com.

In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

The post EPFO Pension: Now these people will get monthly pension of 3 thousand rupees every month! check details immediately first appeared on Rightsofemployees.com.

During a critical situation, it also happens to them that they lose their job. It also takes a long time to get the next job. In such a situation, what will happen to the PF amount that he has deducted in the previous company. Will he drown or if he will get it then how will he get it, what are the conditions that will be applied after getting the PF amount. Many such questions must have come to the mind of the people. You are going to get the answer of these here.

How is PF deducted?

Wherever you work, 8.33 percent money is deducted from your salary and deposited in the Employees’ Pension Scheme. After 10 years of service, that money is given to you as a pension. PF account has its own UAN number. Always keep this UAN number with you. If you leave your first company and move to another company, then your money is transferred to the same account. Along with this, the number of days you have worked in the first company is also added to your new job. In this way your 10 years are counted.

If 10 years are not completed, then what if you are not able to complete the job for 10 years, then there is nothing to panic. You can deposit money in your pension account even before retirement, but you will not get any interest on premature withdrawal. The benefit of the pension scheme will be available only to those who complete 10 years in the job and get their PF amount deducted from the last salary. In the event of losing the UAN number, your PF will be counted anew, so it is important to always keep the UAN number with you.

The post EPFO Pension: Important news for private jobseekers, one mistake can drown all the money 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.

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t the same time, the 12 percent amount that the company deposits, most of it is deposited in your pension account. But this pension is not available to any account holder. There are certain criteria which you have to fulfill for this. Through this news, you have been told about the rules of PF pension.   

Who is entitled for pension

1. The first condition for getting pension is that you should be a member of EPFO.

2. Apart from this, it is mandatory for you to work in any company or institution for at least 10 years. It is not necessary that you do this for the whole 10 years in the same company. That is, in total you have to work for 10 years.

3. There are two options for getting pension. The first option is that you have completed 58 years of age, the second option is that you can get pension even after completing 50 years of age. But let us tell you that for this you have to fill Form 10D and if you take pension after 50 years, then the pension is also less. 

4. After the death of the employee, the family members get the pension. But the pension amount changes.

5. If you want, you can also postpone the pension for two years till the age of 60 years, after which you will get pension at the rate of 4 percent per annum.

Who deposits money in pension account? 

In the PF account, 12 percent of the basic salary and DA of the employee is deposited. The contribution of the employer is also the same. But, a part of the contribution of the employer is deposited in the EPS ie Pension Fund. Let us tell you that 8.33% contribution is deposited for pension. However, the maximum limit for PF to be merged by the company is Rs 15,000. In such a situation, only a maximum of Rs 1250 can be deposited in the pension fund every month.

Pension is available up to Rs 7500

According to the rules, if the basic salary and DA of an employee is Rs 15,000 or more, then Rs 1250 will be deposited in the pension fund. If the basic salary and DA is 10 thousand rupees, then the contribution will be only 833 rupees. If understood in simple language, 8.33 percent of your basic salary and DA will go to the pension account. In such a situation, after retirement, the employee can get a pension of Rs 7,500 as per the rules. 

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In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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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.

There is great news for more than 73 lakh pensioners of the country. More than 73 lakh pensioners of Employees’ Provident Fund Organization (EPFO) will now be able to get pension together. For this, the government is preparing to set up a central pension distribution system. The EPFO ​​meeting is going to be held on July 29 and 30 in this regard. According to the information, this proposal can get green signal in this meeting.

In fact, at present, 138 regional offices of EPFO ​​in the country send pension to the accounts of pensioners of their area. Due to which pensioners get the pension amount in their account at different days and times. If this system continues to be approved, then pension amount can be sent in one go to the accounts of more than 73 lakh pensioners across the country.

Let us tell you that in the 229th meeting of CBT held on 20th November, 2021, the trustees had approved the proposal for development of centralized IT based system by C-DAC. The Labor Ministry had said after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

With the implementation of the centralized system, EPFO ​​subscribers will get many benefits. With this there will be no duplication, as well as multiple PF accounts of a member will become a single account after merger. If someone changes jobs then the hassle of transferring PF account will also end.

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If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization ie EPFO ​​account holders (EPFO Subscribers) can get a big gift soon. According to the report of ET Now Swadesh, the minimum pension (EPFO Pension) can be increased three times. It has been said in the report that a meeting of the Central Board of Trustees of EPFO ​​is going to be held next month. The three-fold increase in the minimum pension is expected to be discussed in this meeting . The minimum pension can be increased from the present Rs 1,000 to Rs 3,000.

According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

The post Good News for EPFO ​​Subscribers! Minimum pension may increase three times soon 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 c 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 Plan: Know whether you will get double the pension now! first appeared on Rightsofemployees.com.

There is great news for more than 73 lakh pensioners of the country. More than 73 lakh pensioners of Employees’ Provident Fund Organization (EPFO) will now be able to get pension together. For this, the government is preparing to set up a central pension distribution system. The EPFO ​​meeting is going to be held on July 29 and 30 in this regard. According to the information, this proposal can get green signal in this meeting.

In fact, at present, 138 regional offices of EPFO ​​in the country send pension to the accounts of pensioners of their area. Due to which pensioners get the pension amount in their account at different days and times. If this system continues to be approved, then pension amount can be sent in one go to the accounts of more than 73 lakh pensioners across the country.

Let us tell you that in the 229th meeting of CBT held on 20th November, 2021, the trustees had approved the proposal for development of centralized IT based system by C-DAC. The Labor Ministry had said after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

With the implementation of the centralized system, EPFO ​​subscribers will get many benefits. With this there will be no duplication, as well as multiple PF accounts of a member will become a single account after merger. If someone changes jobs then the hassle of transferring PF account will also end.

The post EPFO Pension: Big news for 73 lakh pensioners, EPFO ​​is going to do this work first appeared on Rightsofemployees.com.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules 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 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.

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.

EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

There is great news for more than 73 lakh pensioners of the country. More than 73 lakh pensioners of Employees’ Provident Fund Organization (EPFO) will now be able to get pension together. For this, the government is preparing to set up a central pension distribution system. The EPFO ​​meeting is going to be held on July 29 and 30 in this regard. According to the information, this proposal can get green signal in this meeting.

In fact, at present, 138 regional offices of EPFO ​​in the country send pension to the accounts of pensioners of their area. Due to which pensioners get the pension amount in their account at different days and times. If this system continues to be approved, then pension amount can be sent in one go to the accounts of more than 73 lakh pensioners across the country.

Let us tell you that in the 229th meeting of CBT held on 20th November, 2021, the trustees had approved the proposal for development of centralized IT based system by C-DAC. The Labor Ministry had said after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

With the implementation of the centralized system, EPFO ​​subscribers will get many benefits. With this there will be no duplication, as well as multiple PF accounts of a member will become a single account after merger. If someone changes jobs then the hassle of transferring PF account will also end.

The post EPFO Pension: Big news for 73 lakh pensioners, EPFO ​​is going to do this work 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.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

If you or someone in your family gets pension every month from Employees’ Provident Fund Organization (EPFO), then this news is of their use. Yes, there is going to be a big change in the arrangement of pension amount by EPFO.

This benefit will be available to all pensioners. Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal to set up a central pension distribution system in the meeting to be held on July 29 and 30.

The proposal will be placed in the meeting to be held soon.

With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country. At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area.

With this, these pensioners get pension at different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be proposed.

73 lakh pensioners will get together

The pension source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices treat the needs of pensioners of their area differently. With this, pensioners will be able to pay pension on different days.

In the 229th CBT meeting held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry, in a statement after the meeting, had said that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country. At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension at different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be proposed.

The post EPFO pension rule changed! big news! EPFO pension rules will change from this date, know the new rule here first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization ie EPFO ​​account holders (EPFO Subscribers) can get a big gift soon. According to the report of ET Now Swadesh, the minimum pension (EPFO Pension) can be increased three times. It has been said in the report that a meeting of the Central Board of Trustees of EPFO ​​is going to be held next month. The three-fold increase in the minimum pension is expected to be discussed in this meeting . The minimum pension can be increased from the present Rs 1,000 to Rs 3,000.

According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

The post Good News for EPFO ​​Subscribers! Minimum pension may increase three times soon first appeared on Rightsofemployees.com.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this.

Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30. The proposal will be placed in the meeting to be held soon. With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country.

At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made. 73 lakh pensioners will get the pension together , the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices.

With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension Rules Change: There is going to be a big change in the rules of EPFO pension, check the new rules immediately first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization ie EPFO ​​account holders (EPFO Subscribers) can get a big gift soon. According to the report of ET Now Swadesh, the minimum pension (EPFO Pension) can be increased three times. It has been said in the report that a meeting of the Central Board of Trustees of EPFO ​​is going to be held next month. The three-fold increase in the minimum pension is expected to be discussed in this meeting . The minimum pension can be increased from the present Rs 1,000 to Rs 3,000.

According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

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EPFO Pension: In the meeting to be held on July 29 and 30, major changes in the system of Central Pension Distribution System will be discussed. After getting approval in the meeting, 73 lakh pensioners across the country will get the pension amount on the same date and time.

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Employees’ Provident Fund Organization (EPFO) in its meeting to be held on July 29 and 30 will approve it after considering the proposal for setting up of Central Pension Distribution System (EPFO Pension Plan). With the establishment of this system, pension will be transferred in one go to the accounts of 73 pensioners across the country. At present, 138 regional offices of EPFO ​​transfer pension to the accounts of the beneficiaries of their area. In such a situation, pensioners get pension on different days and times.

A proposal to set up a central pension distribution system would be taken up in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a source said. The source said that after the installation of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously.

The source said that all the regional offices deal with the needs of the pensioners of their area differently. This allows pensioners to be paid pension on different days. In the 229th meeting of the CBT held on November 20, 2021, the Trustees had approved the proposal for development of a centralized IT based system by C-DAC.

The Labor Ministry said in a statement after the meeting that thereafter the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and delivery of services.

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According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity

Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

The post Good News for EPFO ​​Subscribers! Minimum pension may increase three times soon, know here detail first appeared on Rightsofemployees.com.

If you or someone in your family gets pension from Employees’ Provident Fund Organization (EPFO) every month, then this news is of their use. Yes, there is going to be a big change in the system of pension amount from EPFO. All pensioners will get the benefit of this. Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up of Central Pension Distribution System in the meeting to be held on July 29 and 30.

The proposal will be placed in the meeting to be held soon.
With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country. At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made.

73 lakh pensioners will get the pension together
, the source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

The post EPFO Pension: There is going to be a big change in the pension received from EPFO, good news will be available on this date! first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization ie EPFO ​​account holders (EPFO Subscribers) can get a big gift soon. According to the report of ET Now Swadesh, the minimum pension (EPFO Pension) can be increased three times. It has been said in the report that a meeting of the Central Board of Trustees of EPFO ​​is going to be held next month. The three-fold increase in the minimum pension is expected to be discussed in this meeting . The minimum pension can be increased from the present Rs 1,000 to Rs 3,000.

According to the report, a committee headed by the Labor Secretary will submit its report in this matter soon. This decision will benefit about 6.5 lakh pensioners and 5 crore subscribers of EPFO.

There may be an increase in the limit of investment in equity Apart from this, the discussion on increasing the CBT equity limit from 15 percent to 25 percent will also be discussed in the meeting. Let us tell you that the labor union is not in favor of increasing investment in equity. Behind this, he is citing the uncertainty in the stock market as the reason.

Let us tell you that a few days ago, the Finance Ministry had announced 8.1 percent interest rate for the financial year 2021-22, giving a shock to the Employees’ Provident Fund Organization subscribers. This is the lowest level in four decades. For the financial year 2020-21, the rate of interest on EPF was 8.5 percent. The impact of this decision of the government will be on 65 million subscribers i.e. 6.5 crore jobseekers. In order to keep it attractive amid the declining interest rate, the government is considering increasing the limit of investment in the stock market from the EPFO ​​fund.

Actually, debt funds are not getting the required returns, so efforts are being made to get the targeted return by increasing investment in equities. An important meeting of the Finance Investment and Audit Committee was held two weeks ago to consider this proposal. The proposal which will be presented by this committee will be presented before the EPFO ​​Central Body of Trustees.

A meeting of the Central Body of Trustees is proposed in the last week of June. After the discussion on the proposal in this meeting, it will be sent to the Labor and Finance Ministry for final approval.

The post Good News for EPFO ​​Subscribers! Minimum pension may increase three times soon first appeared on Rightsofemployees.com.

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

There has been a demand for a long time, pensioners have been demanding
for a long time to increase the minimum pension. There have been several meetings and discussions of the Ministry of Labor regarding this. Apart from this, the Standing Committee of Parliament has also given suggestions in this regard. It is believed that in the February meeting, it can be finalized.

Know how much will be the pension?
According to media reports, the central trade unions have demanded an increase in the existing minimum pension from Rs 1,000 to Rs 9,000, while the Central Board of Trustees or CBT may increase it to Rs 6,000. The controversial issue of investing EPFO ​​money in private corporate bonds will also be a topic of discussion in the meeting. Also, a decision can also be taken on the issue of what should be the interest rate of the pension fund for 2021 22.

What is Employee Pension Scheme?
The Employees’ Pension Scheme (EPS) was started in the year 1995. Under this, people working in the organized sector at the age of 58 years get pension. To take advantage of the scheme, it is necessary for the employee to have at least 10 years of service. The employee contributes 12 percent of his salary to the EPF. The same amount is also given by the company. A part of the company’s contribution is deposited in EPS.

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All pensioners will get the benefit of this. Let us tell you that the Employees’ Provident Fund Organization (EPFO) will approve it after considering the proposal for setting up a central pension distribution system in the meeting to be held on July 29 and 30.

The proposal will be placed in the meeting to be held soon.
With the establishment of this system, pension can be transferred in one go to the accounts of 73 lakh pensioners across the country. At present, 138 regional offices of EPFO ​​transfer pension to the account of the beneficiaries of their area. With this, these pensioners get pension on different days and times. Sources said that in the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, to be held on July 29 and 30, a proposal for the formation of a central pension distribution system will be made.

73 lakh pensioners will get together, the pension
source said that after the establishment of this system, the distribution of pension will be done on the basis of the database of 138 regional offices. With this, 73 lakh pensioners will be given pension simultaneously. The source also said that all the regional offices deal with the needs of the pensioners of their region differently. With this, pensioners are able to pay pension on different days.

In the 229th meeting of the CBT held on November 20, 2021, the trustees had approved the proposal for development of a centralized IT based system by C-DAC. The Labor Ministry had said in a statement after the meeting that after this the details of regional offices would be transferred to the central database in a phased manner. This will facilitate the operation and supply of services.

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