EPS CONTRIBUTION
EPS withdrawal rules changed; lakhs of EPF subscribes to benefit; check if you stand to benefit
The government has changed the Employees’ Pension Scheme (EPS) of 1995 to enable members with fewer than six months of employment to receive a withdrawal benefit. Additionally, the government amended Table D to ensure that withdrawal benefits are paid fairly; this change would benefit over 23 lakh members.
Change in EPS rule for calculating lump sum withdrawal amount on early exit: Who benefits, who loses?
Pension amount in EPS: The government via notification dated June 14, 2024 has revised the table used for calculating lump sum withdrawal amount. A member of Employees' Pension Scheme (EPS) can withdraw lump sum amount if he/she exit the scheme before completion of 10 years. Read on to know who gains and who loses from the new pension scheme rule.
Can you transfer EPF account from unexempted trust to EPFO, exempted trust?
EPF account transfer from unexempted trust: Many salaried individual have Employees' Provident Fund account either with EPFO or exempted trusts. However, what if you have an EPF account with unexempted trusts? Does EPF scheme rules allow an EPF member to transfer the unexempted trusts to EPFO or exempted trusts? Read on to know about it.
You could lose section 80C tax benefit on EPF contribution; here's why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
When should EPS pensioner submit annual digital life certificate; how to submit using face authentication
Submission of life certificate: The person must be an Employees’ Provident Fund Organisation (EPFO) member. EPS members can submit a life certificate at Pension Disbursing Bank, online, Common Service Centre, IPPB, Indian Post Office, Postman, Umang app, Nearest EPFO office.
Do international employees still have to make EPF contributions after Karnataka High Court ruling?
Karnataka High Court's April 25, 2024 ruling deemed special provisions for International Workers under EPF Scheme unconstitutional, affecting EPF contributions, retirement age eligibility, and equality before law for these workers.
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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 latest rules on submission of digital joint requests to increase EPF contribution
The Employees’ Provident Fund Organisation (EPFO) subscribers who wish to contribute more than the statutory limit must submit a joint request and permission under EPF Scheme, 1952, Paragraph 26(6).
EPFO contributions to cross ₹3 l cr in '24-25
EPFO schemes are expected to receive around ₹3 lakh crore in total contributions in 2024-25, 8% more than this year and 2.5 times higher than pre-pandemic levels. The expected increase is attributed to strong economic growth, employment generation, formal job creation, rising wages, inflation, and the government's vision to widen the social security net.
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.
Pensioners threaten hunger strike over insufficient pensions; Demand Rs 7,500 minimum monthly pension
Pensioners covered by the Employees' Pension Scheme 1995 (EPS-95) are planning a hunger strike to demand an increase in their minimum monthly pension to Rs 7,500, up from the current Rs 1,000 set in September 2014. Despite assurances from the Union Labour Minister, discontent remains, prompting the National Agitation Committee to announce a second indefinite hunger strike at Jantar Mantar in New Delhi. Over 50,000 pensioners may join the protest if their demands are not met by January 31, with dissatisfaction arising from the perceived inadequacy of the current pension structure. The EPFO manages the concerns of 78 lakh pensioners in the country, facing a significant challenge as the agitation gains momentum.
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.
Assam contributes 14% of total crude oil production in the country: Minister
Union Petroleum & Natural Gas Minister, Hardeep Singh Puri, stated that Assam plays a significant role in the production of crude oil and natural gas in India. He further informed that during the last four financial years, from 2019-20 to 2022-23, the state government received a total royalty of Rs. 9291 crore for crude oil and Rs. 851 crore for gas production.
Kesoram assets a good fit for UltraTech, to bring EPS gains
This acquisition is a reflection of the relentless pursuit of UltraTech Cement to achieve 200 MT capacity from close to 132.5 MT at present. Recently, UltraTech had acquired a 0.54 MT cement asset of Burnpur Cement at Patratu, Jharkhand. Considering the company's aggressive capacity addition, analysts estimate the company will be able to reach 200 MT in the next six to seven years.
3 Tata cos among 9 Nifty stocks that saw over 5% upgrade in FY24 EPS estimates
Brokerage Motilal Oswal has upgraded EPS estimates of nine Nifty stocks. The list includes state-run Coal India, auto major Maruti Suzuki and JSW Steel. Coal India topped the charts with an EPS upgrade of 18.1%. Others with over 5% upgrades include Maruti Suzuki (10.2%), JSW Steel (8.2%), Cipla (7%), Hero MotoCorp (6.9%) and Mahindra & Mahindra (5.3%).
What is last date for EPS pensioner to submit digital life certificate?
EPS is available to employees earning salaries up to Rs.15,000 and is designed to offer financial security during their retirement years.
FIFTY FIFTY drops 'The Beginning' EP: All you may want to know
K-pop group FIFTY FIFTY dropped their latest EP, "The Beginning," after their hit song "Cupid" went viral. This EP combines tracks from their previous releases with three new ones and is available in seven physical variants.
How to track higher EPS pension application status on Member Sewa portal
A member who meets the eligibility criteria can visit the portal to apply, irrespective of whether the EPF account is held with the private trust or EPFO.
EPFO received highest ever total contribution of over Rs 64,800 cr during 2022-23: Labour Ministry
The Employees’ Provident Fund Organisation received a total contribution of Rs 64885.60 crore during 2022-23, the highest ever under its Employees’ Pension Scheme, shows the labour ministry’s response to a question in Rajya Sabha on Thursday. This has taken the EPS total corpus to Rs 7,80,308.93 crore in the last fiscal year compared to the total corpus of Rs 6,89,210.20 crore in the preceding financial year. This also includes the interest earned on the investments made by the EPFO from the EPS contribution.
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: How missing dues will be calculated, time limit and method to pay - clarifies EPFO
The latest EPFO circular issued on May 11, 2023, informs pensioners/employees about the method of calculating past dues that must be deposited into the EPS account if they are opting for a higher pension. The circular also informs how the additional dues are to be deposited to the EPS account. Read on to know more about it.
Is higher EPS pension still as attractive? 9.49% of salary to go from employer's contribution into EPS
For an employee opting for higher pension - out of employer's contribution of 12% of monthly pay to the Employees Provident Fund (EPF), almost 9.49% of pay will be allocated to the EPS and only balance will be allocated to the EPF.
Higher EPS pension: Extra 1.16% to come from employer's, not employee's contribution; Impact on pension, EPF
"It has been decided to draw 1.16 % additional contribution from within the overall 12% of the contribution of the employers into the provident fund," the Ministry of Labour & Employment stated in a press release issued on May 3, 2023.
Higher EPS pension: Additional contribution of 1.16% for higher pension to be drawn from employers' payout
The ministry said that the spirit of the EPF & MP Act as well as the Code (Code on Social Security) do not envisage contribution from the employees into the pension fund. At present, the government pays 1.16 per cent of basic wages of up to Rs 15,000 (threshold basic wage) as subsidy for contribution towards Employees Pension Scheme (EPS).
EPFO yet to provide clarity on 1.16% additional EPS contribution for higher EPS pension
The Supreme Court has stuck down the portion of the EPFO's 2014 notification where an employee was required to make an additional contribution of 1.16% of basic salary above the wage ceiling of Rs 15,000 towards the pension scheme. The Supreme court has asked the EPFO to work out alternatives. However, the EPFO is yet to come out with the clarity.
Can you claim higher pension from EPS if you were not contributing to EPF account in 2014?
The Supreme Court has allowed employees to apply for higher pension under EPS if they were members on September 1, 2014. However, there may be employees who were members of EPS and/or EPF but they were not making contributions to the EPF account. This may happen because of various reasons. In such a scenario, can such an employee opt for higher pension from EPS?
How will employees opting for higher EPS 95 pension compensate for lower contributions earlier?
All eligible EPS 95 members who wish to apply for higher pension will have to make a higher contribution towards EPS 95 from the employer’s share on the basis of the actual wages till the time they remain active members of EPF or retire. However, a higher contribution from now onwards is not enough, as they will also have to pay the additional contributions for the previous years.
Are employees contributing to private EPF trusts also eligible to apply for higher EPS pension?
The Supreme Court in its judgement dated November 4, 2022 has upheld the amendments made by Labour Ministry via a notification in EPF and EPS scheme. Usually, employees covered under EPF scheme deposit their PF money with the EPFO. However, some companies prefer to have their private, exempted EPF trust instead. Are the employees covered under exempted EPF trust also eligible for higher pension?
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