EPS PENSION FORMULA
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.
How can you get early pension in EPS 95 before retirement, and should you go for it?
EPS 95 is one of the very few options that gives life long assured income to salaried employees in private sector after their retirement. However, many times people have retire early either voluntarily or due to some compulsion. Can they get early pension in EPS 95? If yes then what are the conditions and how should they decide if they should go for it or not.
If EPS 95 member dies before retirement, when will the spouse get pension and how much?
If an EPS member dies after retirement surviving spouse gets a pension which is typically 50% of what the member was getting. However, what happens when the EPS member dies before the age of retirement? Will the surviving spouse get a lumpsum amount or immediate pension or whether he or she will have to wait till the retirement age of the member to receive 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.
Can EPS-95 family pensioners apply for higher pension?
The Supreme Court has allowed certain employees to apply for higher pension from Employees' Pension Scheme (EPS). However, it may happen that an individual is receiving family pension from EPS. Can he or she apply for higher EPS pension now? Read on to know more about whether family pensioner can apply or not
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.
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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.
Higher EPS pension application deadline ends soon: 6 factors that will help you decide to apply or not
The last date for higher pension application is 26 June unless it is extended by EPFO. EPFO has largely addressed many concerns of the eligible members and issued clarification on many other issue. However, the most critical issue for most of the members is whether it will be an advantageous option or not. While the impact of higher pension will vary these six factors will help you to assess your situation better.
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.
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.
EPFO issues FAQs on higher EPS pension, but no clarity on computation
EPFO said applicants will have up to three months to provide written consent to EPFO to either draw arrears from their PF, or to deposit funds separately in case of a shortfall in their PF kitty.
Why EPFO must extend the deadline for EPS members to apply for higher pension: View
The last date to apply for a higher pension from the Employees' Pension Scheme (EPS) is fast approaching. However, given the issues that are yet to be clarified by the Employees' Provident Fund Organisation (EPFO), there is a need for an extension of the deadline. Here are a few reasons that make a compelling case for the extension of the deadline.
Will EPFO extend deadline to apply for higher pension from EPS?
Wednesday i.e., May 3, 2023, is the last day to apply for a higher pension from the Employees' Pension Scheme (EPS). However, many people are still not clear about how to apply, clarification on the replacement mechanism of an additional 1.16% contribution etc. The question arises will the EPFO extend the deadline for the second time?
Worked for more than 20 years under EPF scheme? You will get this as bonus for pension calculation
Many employees diligently make contributions to EPF account so that they can have good corpus at the time of retirement. Further, if they are covered under the EPS - a pension scheme for employees, then they start getting their pension once they become eligible. However, not many people are aware that they are eligible for bonus if they have made contributinon to EPF for more than 20 years.
How to ensure that correct service history is updated in EPFO records for higher pension under EPS?
The pension under Employees Pension Scheme (EPS) is calculated using average of basic salary received in last five years and service period of an employee. The service period starts from the year in which employee joined the pension and continued till. Hence, if wrong information is updated, then pension amount you will receive is wrong. Here's how you can check and correct service history in EPFO records.
How to calculate pension Under EPS
A member of the Employees Provident Fund Organisation (EPFO) is eligible to receive a pension from Employees' Pension Scheme (EPS) provided he/she has satisfied certain conditions. Here are the rules for receiving pension from the pension scheme and how you can calculate the amount that you are eligible to receive.
What will happen to your EPF, EPS if govt hikes PF wage limit to Rs 21,000?
As per The Economic Times report, the government is considering raising the monthly wage threshold limit from Rs 15,000 currently to Rs 21,000. If this proposal goes through, this will have an impact on your EPF corpus, EPS contribution, amount of pension you are eligible to receive among others. The last time government hiked the wage ceiling limit in September 2014.
Who is eligible for higher EPS pension under EPF scheme, last date to claim: Supreme Court clarifies
The Supreme Court in its judgement dated November 4, 2022 has confirmed that Employees' Provident Fund Organisation (EPFO) notification in August 2014 is valid. As one-time relief, the court has offered last date for eligible employees to apply for higher pension. Read on to know what the latest judgment means for your EPF account and EPS pension.
Will you benefit by opting for higher pension from EPS after Supreme Court ruling?
The recent Supreme Court judgement has upheld that notification issued by EPFO is legal and valid. As a one-time relief it has allowed certain employees to exercise their right of higher contribution in EPS account on or before March 3, 2023. The question arises how much your EPS pension hike if you opt for higher contributions.
How nominee can file claim in EPF, EPS and EDLI online after death of an individual
Here is how nominees can file a claim for money in a deceased person's EPF, EPS and EDLI schemes' accounts online. Nominees should note that the Labour Ministry, via a notification dated April 28, 2021, has announced additional benefits under these schemes for members who have lost their lives due to novel coronavirus pandemic.
Govt plans to amend EPF: Allow switch from EPS to NPS, protect PF dues in case of bankruptcy
Here is a look at the three major changes proposed in the EPF Act as per the draft bill.
Explained: How your pension amount will change after the SC order
To get higher pension, you will have to shift a significant chunk from your provident fund balance to your EPS account
SC ruling on higher pension from EPFO may pave way for you to become EPS member
Going forward, the pension may be calculated on the basis of average salary of last 12 months.
How EPS amount can be tracked by employees
Most employees either ignore the EPS or are unaware of its working. Read on to find out how it works and how to keep track of your amount.
How new EPF rules are going to impact you
The scheme is undergoing sweeping changes. Apart from recent tweaks in rules, new measures proposed could change its very structure.
How to calculate Employees' Provident Fund balance and interest
To calculate the Employees' Provident Fund interest, one must first calculate his contribution and his employer's contribution to the fund.
Time for a closer look at the black-hole called EPS
The FM proposal to tax EPF corpus or probably the interest portion has raised a huge hue and cry among salaried class of the country.
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