PFRDA has now provided the facility of Same Day Settlement (T+0 Settlement) to NPS subscribers. The advantage of this will be that if the subscriber makes his contribution by 11 am on any settlement day, then it will be invested on the same day and the benefit of the Net Asset Value (NAV) of the same day will be available. The new system will come into effect from July 1.

Till now the contributions received by the trustee bank were invested on the next day (T+1). That is, the contributions received today are invested tomorrow. PFRDA Point of Presence (POP) has advised the nodal offices and NPS Trust for eNPS to follow these new timelines to ensure immediate benefits to the subscribers.

Also Read: 18 Months DA Arear Proposal: Big news for 1 crore employees! Proposal for 18 months’ DA arrears received

Benefit to the subscriber

This move of PFRDA is going to bring NPS at par with mutual funds. With this, NPS account holders will get the benefit of same day NVA, which will help in increasing their money. Investments made in mutual funds till 3 pm get the benefit of same day NVA. People usually want to invest in more units on the day when the market falls. With the implementation of same day settlement in NPS, this investment option will also become attractive. This change by PFRDA will ensure that the trustee banks invest the NPS contributions received till 11 am on the same day.

EPS withdrawal rules also amended

The government has changed the withdrawal rules of the Employees Pension Scheme, 1995. After this amendment, the members of the Employees Pension Scheme with less than 6 months of contributory service will also be able to withdraw money from the EPS account. There are lakhs of such EPS 95 scheme members in the country who leave the scheme midway despite the rule of continuously contributing to the scheme for 10 years to get pension.

Till now, only those members who contributed for 6 months or more could avail this withdrawal benefit. In such a situation, those members who left the scheme after contributing for less than six months did not get any withdrawal benefit.

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The Pension Fund Regulatory and Development Authority (PFRDA) has issued a notification on 27 July 2023 to ease the rules for exiting the NPS i.e. National Pension Scheme. This will benefit crores of subscribers of NPS. It has been told in the issued notification that now NPS subscribers can choose any annual scheme by exiting the pension fund. The great thing is that no fee will be charged from the subscribers for this.

If someone wants to leave this pension scheme and exit, then he can easily do so. PFRDA has further simplified the rules to facilitate the people. PFRDA has ordered the nodal officers of Government, POP and National Pension System Trust to help NPS subscribers choose the scheme according to their needs so that they do not face any kind of trouble further.

No fee will be charged

PFRDA has said that customers can choose any kind of annual service and for that they will not have to pay any charge. The regulator has said that the subscribers are already paying tax to the government, so no additional charge will be taken from them. Insurance companies have been instructed that they can only take the premium amount from the subscriber. Apart from this, they should not be pressurized for any other kind of fee.

Rules for exit from NPS

According to the rules of PFRDA, if the amount deposited by the subscriber in NPS and interest in total is less than Rs 5 lakh, then he can withdraw the entire amount at once. If this is exceeded, 40 percent of the amount will be kept for pension and 60 percent of the amount can be withdrawn together. 40% of the amount is used to buy a pension plan. If the subscriber wants to buy a pension plan before the age of 60 years, then he will have to use at least 80 percent of the corpus.

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This money is deposited in the Pension Fund out of the money that is deducted as contribution to Provident Fund (PF) from the salary of the employees. Now if an employee has to increase the amount of pension in his PF contribution, then the Employees’ Provident Fund Organization (EPFO) has issued a circular. The last date for getting more pension has been fixed as May 3. Come, let us know how the employees will be able to increase the amount deposited in their pension fund?

May 3 last date

According to media reports, a circular has been issued by EPFO regarding some problems being faced by employees and pensioners to get more pension. Three issues have been clarified in the circular of EPFO. Firstly, what will happen after joint submission of application for higher pension? Second, what if there is a mistake in the Combined Application Form? Thirdly, what to do if the joint application form is not approved by the employer i.e. the company. The last date to apply for getting more pension is May 3.

what is the process

In the circular issued by EPFO, it has been said that after submitting the joint application form, the regional office of EPFO will scrutinize it. Once the required documents are completed and the salary details are submitted by the employer, it will be verified from the data available with EPFO. Once the data is verified, the EPFO will calculate the dues and an order will be passed to credit or transfer the dues.

What if the data doesn’t match

According to the circular, it is possible that there is a mismatch between the data available with the EPFO and the information provided by the employer and the employee. It has been clarified in the circular that in case of non-availability of day mail, the employer and employee or pensioner will be informed by EPFO. They will be given one month’s time to give correct information.

What if the joint form is not accepted by the employer?

Now if the joint application form is not approved by the employer, then in such a situation the employer will be given a chance to provide additional evidence or rectify any mistake. This opportunity will be provided for one month. Its information will also be given to the concerned employees and pensioners.

E-pass book service disrupted

According to media reports, the e-passbook service of EPFO has been disrupted for the past few days. EPFO members are also complaining that they are not able to receive their e-passbooks in the last few days and the EPFO website and its UMANG app are also not working. Explain that e-passbook is such a document, which contains all the information about your EPF and EPS accounts. Here, EPFO has told the members who deposited the amount that the concerned team is investigating the situation. Give yourself some time to improve.

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

EPFO gave information on official tweet

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

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

You can submit life certificate here

– Common Service Center ( CSC)

– IPPB /Indian Post Office

– Umang App

Pension paying bank

Nearest EPFO ​​Office

These documents will be required

– Aadhaar Number

-PPO number

– Bank account information

Aadhaar linked mobile number

You can submit life certificate online

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

Government gave relief

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

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If you are also planning for retirement and want to open an NPS account, then there is good news for you. The Pension Fund Regulatory and Development Authority (PFRDA) has changed the rules for opening an NPS account. PFRDA said that now National Pension System (NPS) account can also be opened through Central KYC (CKYC).

Information given by PFRDA

According to the information given by PFRDA, the entire process through CKYC will be paperless. Actually, KYC is required to be done only once in CKYC. Thereafter, post CKYC account opening in financial services institutions becomes easy as it does not require the investors to submit documents for KYC.

NPS account opening made easy

According to a report in Financial Express, ‘After Central KYC (CKYC), you are free from filling KYC forms again and again in your financial institution. Just some time back, the central government has started this facility. CKYC is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India ie CERSAI. Under this, you will get your complete KYC information in just one number.

How to open NPS account with CKYC

1. For this you first go to the registration page of http://www.camsnps.com and fill the information asked there.
2. Now click on Open New Account.
3. Now OTP will come on your given mobile, enter it at the specified place.
4. If the PAN, date of birth and email/mobile number match, your KYC details will appear on the screen.
5. Now click on ‘Yes’ to proceed with the details available in CKYC.
6. Now click on applicant type and status.
7. Now here the name of the subscribers will be populated against the name field as available in CKYC. The date of birth given in CKYC will also be visible. Apart from this, father’s name, mother’s name and gender etc. will also be seen. These can also be edited.
8. Let us tell you that the address of the customer available in CKYC will also be automatically filled in front of the address field.
9. After entering all the requested data, click on save details. By doing this, the acknowledgment number will be generated.
10. This acknowledgment number will be sent to the subscriber through SMS and email.
11. The photo of the subscriber available in CKYC will appear on the screen and the signature will also be auto-populated.

In this way you can easily open your NPS account sitting at home.

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If the employee wants, he can also withdraw this pension fund if needed. But after withdrawing this fund, he is not entitled to get pension after retirement. The rule of EPFO ​​says that if your job is more than 6 months and 9 years is less than 6 months, then you can withdraw pension fund . 

If you also want to withdraw pension fund, then for this you must know about Form 10C. Form 10C is filled and submitted to withdraw the pension fund or to join with another job in the future. It can be filled and submitted both online and offline.

How to apply for pension fund

• If you want to apply for Withdrawal of Pension Fund, then you have to first go to the home page of UAN portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/.   
• Enter the UAN number and password and click on it. After that click on ‘Online services’ in the menu. Here you will see the option of Claim (Forms- 19, 31 and 10C). Click on this.
• After this, enter the last 4 digits of your bank account number and click on Verify. Sign on Certificate of Undertaking and click on Yes to agree to the term and conditions.
• Now you have to select the option of Only Pension Withdrawal (Form 10C) in I want to apply for tab. Enter your complete address and tick the disclaimer and click on GET AADHAAR OTP button
• An OTP will be sent to your mobile number registered with Aadhaar (UIDAI). Enter the OTP and click on Validate OTP and Submit Claim Form
• After this your pension claim form will be submitted and after verification by EPFO, the funds will be transferred to your bank account. 

keep these rules in mind

If your job is less than 180 days, then you can get only PF money, not the amount deposited in pension fund. Apart from this, if your job has completed 9 years and 6 months, then it is considered as complete 10 years. An employee who contributes to the PF account after working for 10 years becomes eligible for pension after retirement. In such a situation, you will not be able to withdraw the pension fund before retirement. But at the age of 58, you will start getting the benefit of monthly pension from this fund, which will be available for life.

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Earlier it used to take four days after requesting for withdrawal. The Pension Fund Regulatory and Development Authority with the help of Central Recordkeeping Agencies (CRAS), Pension Fund (PFS) and Custodians has enhanced its IT capability along with improving the system interface, to reduce the time taken for transactions under NPS. can go

Earlier, IRDAI has made many changes to improve NPS.

Earlier, the insurance sector regulatory body IRDAI has simplified the process of buying annuity from NPS funds after retirement. For this, an important change has been made in the rules of the National Pension Scheme, due to which it has become even easier to arrange for regular income after retirement.

According to IRDAI, now no member of the scheme will have to fill any separate proposal form to buy annuity from his NPS fund after retirement. Because earlier, those investing in NPS had to submit an exit form to PFRDA (Pension Fund Regulatory and Development Authority (PFRDA)) as well as a proposal form to insurance companies to buy annuity at the time of retirement.

Actually, the work of providing annuity to NPS subscribers is done by those insurance companies, which have been approved by PFRDA for this. Along with this, IRDAI monitors this entire process as a regulator of insurance companies acting as Annuity Service Provider (ASP).

According to the PFRDA rules, it is necessary to invest at least 40 percent of the amount deposited in the NPS in the purchase of annuity, against which pension is given every month. The remaining 60 percent can be withdrawn in lump sum after retirement.

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According to media reports, the EPFO ​​has said that by increasing the retirement age, the burden on the pension system will be reduced significantly . Both the government and the employees will get the benefit of this. That is why the government is planning on this idea.

According to the information given by the retiree
organization, by the year 2047, the number of people above 60 years of age in India will be more than 140 million, due to which the pressure on the pension fund will increase significantly. Apart from this, in other countries it is up to 67 years.

Giving information, an official said that if the retirement age increases, then it will result in more money deposited in the pension fund by the employees and the employees will get the benefit of more benefits.

What is the retirement age now?
Let us tell you that the maximum age of retirement in India is between 58 years to 65 years. All types of private and government employees come in this. Apart from this, if we talk about the European Union, then the average age of retirement there is 65 years. At present, the retirement age in Denmark, Italy and Greece of Europe is 67 years, while in America it is fixed at 66 years.

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Know what changed?

Let us tell you that from now on, Point of Presence (PoP) will be given commission on opening NPS account. Banks, NBFCs and many other types of entities are included in POP. It is through these that people are registered in NBFCs. Along with this, many types of facilities are made available to the subscribers.

POP will get the benefit from September 1, 2022 i.e. from today, Rs 15 to Rs 10,000 will get commission. PFRDA has told that this step will also give a boost to POP. He makes a lot of efforts to open the NPS account of the customers.

Commission will be charged from customers According to the information given by PFRDA, POP will be given 0.20 percent commission in a given time period. Please tell that this commission will be taken from the customers only. This will be recovered by reducing the number of units he has invested in at fixed intervals.

How much is the pension fund If we talk about the pension fund present in the country, then it is Rs 35 lakh crore. Out of this, 22 percent i.e. a total of Rs 7.72 lakh crore is with NPS. At the same time, EPFO ​​manages 40 percent of the share.

Let us tell you that if the average age of the investor is 21 years and he invests Rs 2,000 in NPS every month, then you can get huge benefits. If you join NPS at the age of 21 and keep the investment target till the age of 60, then you will get the investment time till 39 years.

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Although, it is difficult to say in whose favor the decision will be taken, but their arguments have been submitted from both the sides. Due to the lack of funds with the EPFO, this matter has been hanging for the last few years. It is expected that on the monthly capping of EPS pension of Rs 15000, the board of EPFO ​​will take a decision on CBT.

It can be included in the next meeting of CBT. The Supreme Court will give its verdict on the petitions of the Union of India and the Employees’ Provident Fund Organization (EPFO).

What are the rules regarding Employee Pension Scheme?

When an employee becomes a member in the Employee Provident Fund, he also becomes a member of the EPS-Employee pension scheme. Contribution of 12% of the basic salary of the employee goes to PF. Apart from the employee, the same part also goes to the employer’s account. But, a part of the contribution of the employer is deposited in the EPS ie Pension Fund. The contribution of basic salary is 8.33% in EPS. However, the maximum limit of pensionable salary is Rs 15,000. In such a situation, only a maximum of Rs 1250 can be deposited in the pension fund every month.

According to the pension rules on the maximum range, if the basic salary of an employee is Rs 15,000 or more, then Rs 1250 will be deposited in the pension fund. If the basic salary is 10 thousand rupees, then the contribution will be only 833 rupees. The calculation of pension on the retirement of the employee is also considered as the maximum salary of 15 thousand rupees only. In such a situation, after retirement, employees can get only Rs 7,500 as pension under EPS rule.

What will happen if the limit of 15,000 is removed?

According to EPFO’s Retired Enforcement Office Bhanu Pratap Sharma, if the limit of 15 thousand rupees is abolished from the pension, then more than Rs 7,500 can be got pension. But, for this, the contribution of the employer to the EPS will also have to be increased.

How is pension calculated in EPS?

Formula for EPS Calculation = Monthly Pension = (Pensionable Salary x Number of Years Contribution in EPS Account)/70.
If someone’s monthly salary (average of last 5 years’ salary) is Rs 15,000 and the duration of the job is 30 years, then he will get a pension of only Rs 6,828 per month.

How much pension will you get if the limit is removed?

If the limit of 15 thousand is removed and your salary is 30 thousand then the pension you will get according to the formula will be. (30,000 X 30) / 70 = Rs 12,857

What are the rules for pension withdrawal?

If you want to withdraw EPF amount, then you can withdraw the amount deposited in your account anytime. Whether your job is 6 months or 10 years. But, you may face some difficulty to withdraw the amount of pension. Because, there are many rules for this, which you should understand.

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There is good news for the account holders of National Pension System (NPS). The Pension Fund Regulatory and Development Authority (PFRDA) has also started the facility of Unified Payment Interface (UPI) for contribution through de-remit. That is, now account holders can also put money in NPS through UPI. Till now this deposit was done only through IMPS / NEFT / RTGS.

Now with the facility of payment through UPI, it will be easier for the account holders to contribute. Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that through UPI you can transfer money at any time throughout the day. Let us tell you that this facility has also been started for the account holders of Atal Pension Yojana. However, the contribution made before 9.30 am will be counted as investment for that day but after that, it will be counted as investment for the next day.

How to make payment through UPI

• First of all login to the website of ENPS.
• Verify your Permanent Account Number.
• You will get OTP on registered mobile number or e-mail.
• Select Tier-1 or 2 account for which Virtual Account (VAN) is to be created.
• Give your consent and select Generate Virtual Account.
• An application will be sent to your trustee bank and you will get the acknowledgment number.
• Enter the 15 digit VAN in your UPI handle.
• After that enter PFRDA.15digitVirtualAccount@(bank’s name) and send Rs.

What is National Payment System

Let us tell you that the NPS scheme is for the employees of the organized sector. It was made mandatory for central government employees (except armed forces) in 2004. This is applicable to only those employees who have joined the service from 1st January 2004. In May 2009, it was extended to the private and unorganized sector on a voluntary basis.

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