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 pa...
01 Jul, 2024, 11.52 AM ISTChange 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 befo...
17 Jun, 2024, 11.46 AM ISTCan 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 memb...
21 May, 2024, 10.28 AM IST- ADVERTISEMENT
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...
17 May, 2024, 12.36 PM ISTWhen 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...
17 May, 2024, 11.48 AM ISTDo 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.
15 May, 2024, 12.25 PM ISTWill 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...
01 Mar, 2024, 02.16 PM ISTEPFO 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).
15 Feb, 2024, 02.09 PM ISTEPFO 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, ...
14 Feb, 2024, 11.44 PM ISTEmployees’ 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.
31 Jan, 2024, 11.58 AM ISTPensioners 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 ...
30 Jan, 2024, 08.06 PM ISTHigher 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...
21 Dec, 2023, 11.49 AM ISTWhat 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.
23 Oct, 2023, 11.47 AM ISTEPFO 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 h...
03 Aug, 2023, 08.32 PM ISTEPFO 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 ...
27 Jun, 2023, 09.51 AM ISTHigher 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...
12 May, 2023, 09.55 AM ISTIs 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.
04 May, 2023, 04.53 PM ISTHigher 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.
04 May, 2023, 04.31 PM ISTHigher 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 15,00...
04 May, 2023, 11.06 AM ISTEPFO 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...
09 Mar, 2023, 10.23 AM IST