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.
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.
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.
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.
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.
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.
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