Now the pensioners’ organization EPS-95 National Movement Committee (NAC) said that the government has assured to consider the demand for higher pension. About 78 lakh pensioners of EPS-95 scheme are demanding to increase the minimum monthly pension to Rs 7,500.

Demand for giving more pension instead of Rs 1450

The pensioners’ body said in a statement that Union Labor and Employment Minister Mansukh Mandaviya met their representatives. During this, the Labor Minister assured that the government will take necessary steps to meet their demand. This meeting took place after the protest organized by the members of EPS-95 NAC in the national capital a few days ago. Members from different places of the country protested against the government here and demanded more pension instead of the average monthly pension of only Rs 1,450.

36 lakh pensioners are getting less than Rs 1000

The body said that about 36 lakh pensioners are getting less than Rs 1,000 pension every month. Committee Chairman Ashok Raut said, ‘Labor Minister Mansukh Mandaviya has assured us that the government is serious about finding a solution to our problems. He said that the Prime Minister is also committed to finding a solution to our problems.’ He said that despite making long-term contributions to the regular pension fund, pensioners get very little pension.

Demand to increase pension to Rs 7,500

The current pension amount makes it difficult for elderly couples to live. He said that EPS-95 NAC has demanded to increase the minimum pension to Rs 7,500 per month, which includes dearness allowance and free health facilities for the spouse of pensioners. Raut further said that many MPs from Congress and other opposition parties also met the members of the organization and assured support in meeting the demand for more pension than before.

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If the employee has completed 10 years of service, then he becomes entitled to receive pension under the EPS95 scheme. But if the employee dies while on the job, then the pension benefit is given to his family members. In this situation, widow pension, child pension and orphan pension are given. Know here what the rule of EPS 95 Scheme says.

Who gets how much pension?

Under the EPS-95 scheme, this employee’s pension includes widow pension, child pension and orphan pension. Under widow pension, the widow wife/widower husband of the minimum employee can get up to Rs 1000. In case of death of the pensioner, 50 percent of the pension is paid to the widow.

Child pension is given when the age of the children is below 25 years. In this situation, 25 percent of the widow pension is paid. This facility can be given to two children at a time. If the children are orphans, then in that case the children get 75 percent of the pension till they attain the age of 25 years. If the child is physically disabled, he is given 75 percent pension for his entire life.

For EPS pension, death certificate of the deceased, copy of Aadhar card of the people who are to get the pension amount, account details, canceled check or attested copy of the beneficiary’s bank passbook are required. If the beneficiary is a minor then his age certificate will also have to be given.

You can claim for this amount also

In case of death of the employee while on the job, the nominee or legal heir or family member of the Employee Provident Fund member can also claim the insurance amount. In this situation, the employee’s family is given an insurance benefit ranging from Rs 2.5 lakh to a maximum of Rs 7 lakh under the Employees Deposit Linked Insurance Scheme. This scheme is an insurance scheme run by EPFO, which is run for every employee registered with EPFO. If the EPFO ​​member has been working continuously for 12 months, then after the death of the employee, the nominee will get a benefit of at least Rs 2.5 lakh.

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

Decision on appeal of CBT-

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

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

Subscribers now had this permission-

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

Meeting under the chairmanship of Bhupendra Yadav-

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

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

This policy has also been approved-

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

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

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If you do a job somewhere, then you are an EPF account holder. In such a situation, you should also know about the EPS 95 scheme or EPS 1995 scheme of EPFO. The Central Government introduced the Employees’ Pension Scheme, 1995 under section 6A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952).

According to EPFO, this scheme came into effect from 16 November 1995. This scheme is applicable to all employees of companies and other establishments to which the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 applies. Under the EPS 1995 scheme of EPFO, from 1st September 2014, the facility of minimum pension of 1000 rupees was started.

Who is eligible for this scheme

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

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

Get these benefits

Even in the event of the death of the employee, a member of the member’s family becomes eligible for pension. If the employee was a member till the time of death, then the family members get a maximum benefit of Rs 6 lakh. According to the EPS ’95 scheme, if the member does not have a family, then on the death of the member, whoever is the nominee, will continue to get pension for life.

If an EPF member i.e. an employee is unable to remain in service for 10 years before the age of 58 years, then he can withdraw the entire amount at the age of 58 years. It is worth mentioning here that after retirement they will not get the benefit of monthly pension.

Know this latest update

The EPFO ​​on November 1 allowed its subscribers who retire in less than six months to withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95). According to the news of the language, at present, Employees’ Provident Fund (EPFO) customers have been allowed to withdraw the amount deposited in their Employees’ Provident Fund account only if there is less than six months of service left.

According to the statement of the Ministry of Labor, the CBT has recommended to the government that members with a service period of less than six months should be given the facility of withdrawal from their EPS account (EPS 95 scheme).

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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.

In the 232nd meeting of the Central Board of Trustees (CBT), the apex body of EPFO, on Monday, it was recommended to the government that by making some amendments in the EPS-95 scheme, the subscribers who are nearing retirement should be allowed to withdraw the amount deposited in the pension fund.

What happened –

According to the statement of the Ministry of Labor, the CBT has recommended to the government that members with less than six months of service should be given the facility of withdrawal from their EPS account. Apart from this, the Board of Trustees has also recommended proportionate pension benefits to the members who have been part of the scheme for more than 34 years.

This facility will help the pensioners to get more pension at the time of determination of retirement benefits. Apart from this, the 69th Annual Report on the functioning of the EPFO ​​for the financial year 2021-22 was also approved, which will be presented in the Parliament.

Relief to EPFO ​​subscribers-

In order to provide relief to the working people, the Employees’ Provident Fund Organization (EPFO) on October 31 decided to allow withdrawal of deposits in the Employees’ Pension Scheme 1995 (EPS-95) for those customers who have only less than six months. remaining service.

The Central Board of Trustees (CBT) of the retirement fund body, chaired by Union Labor Minister Bhupendra Yadav, in its 232nd meeting, recommended certain amendments in the EPS-95 scheme to the government, a Labor Ministry statement said. This will help the pensioners to get a good amount as pension at the time of determination of retirement benefits.

Investing in Exchange Traded Fund-

The board has also recommended Equitable Value Transfer calculation in cases of exemption or cancellation of exemption from EPS-95. Apart from this, the policy has also been approved for its investment in Exchange Traded Fund (ETF) units.

The Board also approved the inclusion of ETF units purchased during the calendar year 2018 period for capital gains to be included in income for computing the interest rate for 2022-23.

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In the 232nd meeting of the Central Board of Trustees (CBT), the apex body of the EPFO, it was recommended to the government to make some amendments in the EPS-95 scheme for retirement. Subscribers who have reached close should be allowed to withdraw the amount deposited in the pension fund.

Recommendation to give proportionate pension benefits

According to the statement of the Labor Ministry, the CBT has recommended to the government that members with less than six months of service period should be given the facility of withdrawal from their EPS account. Apart from this, the Board of Trustees has also recommended proportionate pension benefits to the members who have been part of the scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefits.

The Labor Ministry said that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. Apart from this, the 69th annual report prepared on the functioning of EPFO ​​for the financial year 2021-22 was also approved, which will be presented in the Parliament.

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