EPFO HIGHER PENSION
EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary
EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."
EPFO lowers penal charges on employers defaulting on PF, pension and insurance deposits
The notification issued by the ministry of labour and employment said the penal charges across three schemes of EPFO will be uniform and at the rate of 1% per month or 12% per annum from the date of notification as against 25% per annum until now for default period of six months and above. This will reduce the penal burden on employers.
Inclusion of foreign workers in PF unconstitutional, says High Court
The move, which is likely to be challenged by govt and the Employees Provident Fund Organisation (EPFO), will impact thousands of expatriates who have contributed to the social security scheme or are currently part of it.
HC strikes down inclusion of foreign workers in PF, calls it unconstitutional
HC's call will likely face resistance from the govt and the PF body because already a large number of expats have either contributed to or are currently enrolled in the social security program.
EPFO issues SOPs for handling joint declaration application for higher pension under its Employees’ Pension Scheme
The retirement fund body EPFO, on Monday, issued the standard operating procedures (SOPs), listing out the valid documents for correction in employees’ profile while fixing timelines for processing the correction-related applications and allowing subscribers to online monitor their application.
Will higher EPS pension dream collapse due to EPFO's new calculation rules?
There have been reports that EPFO has adopted a new rule for calculating higher EPS pension for members who have retired on or after September 1, 2014. As per reports the services period is getting divided into two parts and pension is calculated on pro rata basis which is likely to result in reduced pension for these members.
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EPFO Interest Rate Hike: EPFO declares 8.25% as EPF interest rate for FY 2023-24
EPFO Interest Rate Hike: The Employees Provident Fund is a mandated contribution for salaried employees. An employer is also obligated to make a matching contribution to the EPF account. On a monthly basis, an employee contributes 12% of his earnings to his EPF account. The employee's whole contribution is placed into the EPF account. In the case of the employer, just 3.67 percent is deposited into the EPF account. The remaining 8.33% goes to the Employees Pension Scheme (EPS).
EPFO plans to set up actuary, hire more staff
EPFO plans to overhaul its pension division by setting up an in-house actuary and hiring more staff due to the increased workload from the Supreme Court's order on higher pensions. The retirement fund body may ask exempted establishments to pay for administrative charges. The EPFO has received 1.74 million applications for higher pension validation, with 1.17 million pending.
Employees’ Pension Scheme (EPS) members having multiple account numbers: EPFO rules to know
The following procedures must be undertaken if an EPS member has several account numbers for concurrent employment, simultaneously at two or more establishments, according to the EPFO circular dated January 29, 2024.
Employers get 5 months of extra time to upload wage details for higher pension
The Centre has extended a five-month extension for employers to upload wage details for employees seeking higher pensions. The facility, enabled by the Employees' Provident Fund Organisation, was granted after a Supreme Court order in November 2022. Over 3.6 lakh applications remain pending.
Higher EPS pension: Will pensioners' arrears get adjusted against higher contribution dues from them? EPFO answers
The Employees' Provident Fund Organisation (EPFO) has issued revised FAQs on higher EPS pension on December 13, 2023. The newly added FAQ answers pensioners queries about whether their pension arrears due will be adjusted against higher contribution dues. A pensioner retired after September 1, 2014 is eligible to apply for higher pension.
EPFO extends deadline to upload details by employers for higher pension option by 3-month till December 31
The deadline for uploading wage details which was ending on September 30 has been extended following representations from Employers & Employers' Associations, according to a labour ministry's release.
What you can do if your higher EPS pension application is stuck
An individual who has applied for higher EPS pension can now check the status of it on the EPFO's member sewa portal. It may happen that an individual's higher pension application is stuck either due to wrong rejection by the employer or it is yet to be reviewed. What are the options an employee has in this case.
Process of applying for higher pension on unified portal simple, easy to understand: MoS Rameswar Teli
Following the Supreme Court order in November 2022, the Employees' Provident Fund Organisation (EPFO) had given option to subscribers and their employers to jointly opt for higher contributions as per the actual basic wages (higher than threshold of Rs 15,000 per month) on the unified portal.
Today is the last day to apply for higher EPS pension
July 11, 2023 is the last date to apply for higher pension under Employees' Pension Scheme (EPS). Once this deadline expires, then an individual will not be able to submit online application form for higher pension. The EPFO in its press release dated June 26, 2023 said that this is a last opportunity to apply for higher EPS pension.
What is the formula to calculate EPS pension
The formula to calculate pension under Employees' Pension Scheme (EPS) was tweaked by the Employees' Provident Fund Organisation (EPFO) in 2014. Further, the EPFO has released a circular clarifying the method of pension computation for those who opt for higher EPS pension. Read on to know the formula for EPS pension calculation.
How to download EPFO’s Excel calculator for higher EPS pension
Employees can now determine how much they must contribute in order to obtain a higher pension from the Employees' Pension Scheme (EPS).
EPFO extends deadline to opt for higher EPS pension; last opportunity to apply
The Employees Provident Fund Organisation (EPFO) has extended the deadline for the third time to apply for higher EPS from June 26, 2023 previously. The option to apply for higher EPS is available online on the member Sewa website and is available irrespective of whether the EPF account is held with the private trust or EPFO.
Higher EPS pension calculator: How to use it, calculate the amount payable for higher pension
The Excel calculator released by the EPFO on the Member Sewa portal will help an employee to know how much of the past contributions he/she has to pay to opt for higher pension. Once the amount is known, it will make easier for him/her to evaluate the pros and cons of opting for it.
EPFO launches calculator for higher EPS pension additional contribution after much delay
The Employees' Provident Fund Organisation (EPFO) launched an excel based calculator for eligible employees to calculate the dues that they have to pay to receive higher pension at the time of retirement. Read on to know how you can download it and how it can be used to estimate the money that you have to pay.
Higher EPS pension: Deadline to apply extended by 15 days
The current deadline to apply for higher pension under the Employees’ Pension Scheme ended on June 26, 2023. Prior to this, it was extended twice, once on March 3 and then on May 3.
EPFO likely to extend the deadline for higher EPS pension by three months: Sources
Employees were facing many issues while applying for higher pension due to a lack of clarity on various rules and delayed clarification from EPFO made it difficult for large number of employees to exercise their hard-earned option to apply for higher pension from Employees' Pension Scheme (EPS). Here are some reasons why extension is needed.
Higher EPS pension FAQ released: Rules, pension calculation formula, documents — EPFO answers your queries
The FAQs on higher EPS pension cover a wide range of topics, including how to calculate pensions, what documentation EPFO members must send with their application forms, and more.
Today is the last day to apply for higher EPS pension
The deadline to apply for higher pension from Employees' Pension Scheme (EPS) is June 26, 2023 i.e., today. However, it may happen that you still haven't applied for the same or are unable to submit the application form due snags on the website. Then you must hurry up and submit the application form before the deadline expires tonight.
EPS higher pension: 'Unable to submit,' EPFO members complain on Twitter as deadline nears
Many EPF members are complaining on Twitter that they are unable to submit the joint application form on the EPFO's Member Sewa portal for higher pension. It is important to note that the last date to apply for higher pension from EPS is July 26, 2023 - which is coming Monday.
Why EPFO needs to extend deadline to apply for higher EPS pension for third time
Deadline to apply for higher EPS pension: ET Wealth spoke to experts on whether there is a need to extend the last date to apply for higher EPS pension for a third time. This is what they said.
Higher EPS pension: EPFO releases circular on pension computation method
As per the circular, the formula for the calculation of higher pension will be different for those retiring before September 1, 2014, and those retiring after this date. The circular has come after the Supreme Court in its judgement dated November 4, 2022 allowed certain employees to apply for higher pension under the EPS.
EPFO releases list of documents needed to apply for higher EPS pension, eases process
Higher EPS pension: The latest circular is applicable for an eligible employee who does not have proof of joint request/undertaking/permission for making a contribution to the EPF account on full/higher salary (for those where basic salary exceeded the wage limit). The circular is intended to provide the relief and ease the process of applying for higher pension from EPS.
Higher EPS pension: Can EPFO change the current pension formula in future?
While most of the doubts regarding higher EPS pension have been addressed by the EPFO however one clarification regarding the pension computation methodology is still pending. If it is changed significantly it may adversely impact the members by way of pension reduction. Can EPFO do so? Here's what legal experts say.
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