EPS PENSIONERS
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.
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.
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.
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.
Karnataka HC strikes down extension of PF benefits to international workers
Karnataka High Court rules EPF and EPS benefits for foreign workers in India unconstitutional under Article 14, making all related orders unenforceable. The Court made a decision regarding a group of appeals (Stone Hill Education Foundation vs The Union of India) that contested the validity of para 83 of the EPF Scheme and para 43A of the EP Scheme, which were applied to foreign workers in 2008.
Central government pensioners can now view the last 24 detailed pension payment transactions using this app
Pension app for government employees: The Central Pension Accounting Office (CPAO) has developed an in-house mobile application, “DIRGHAYU” for the use of Central Civil Pensioner/Family Pensioners. Let us take a look at a few important features of the DIRGHAYU app.
- Go To Page 1
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.
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.
EPS-95 pensioners stage demonstrations to press for minimum monthly pension of Rs 7,500
Pensioners under the Employees' Pension Scheme 1995 (EPS-95) demonstrated at 110 offices of the Employees' Provident Fund Organisation (EPFO) across India, urging for a minimum monthly pension of Rs 7,500 plus dearness allowance. Presently, the minimum monthly pension is Rs 1,000, initiated from September 1, 2014.
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.
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.
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.
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.
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.
EPS-95 pensioners to go on hunger strike on Thursday, demand Rs 7,500 minimum monthly pension
Pensioners body EPS-95 National Agitation Committee on Wednesday said its members across the country and in the national capital will go on hunger strike on Thursday to press for their demand of Rs 7,500 minimum monthly pension. Presently, the pensioners under the Employees' Pension Scheme 1995 (EPS-95) run by Employees' Provident Fund Organisation (EPFO) have a minimum monthly pension (entitlement) of Rs 1,000 which was introduced in September 2014.
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.
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.
Is there still a chance for higher EPS pension deadline extension?
The EPFO while extending deadline to July 11, 2023 said that it is a last opportunity for eligible pensioners and EPF members to apply for higher EPS pension. However, at the same time it allowed employers to upload wage details by September 30, 2023. Does this mean there is still a chance for deadline extension by EPFO to apply for higher EPS pension?
Higher EPS pension application: Only these 3 documents are required for you to complete your application
The deadline for higher EPS 95 pension application is July 11 however many eligible members are still struggling with the online application process due to requirement of various documents to submit as attachment. Many changes and updates have added to the confusion as what is needed to be done for these attachments. We tell you about the most updated requirement of these attachments.
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 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.
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.
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.
Will EPS pensioners get an option to sell or commute a part of their pension for a lump sum?
Commutation of pension is a facility where a pensioner can sell a part of pension and receive a lump sum amount. This facility is available under Old Pension Scheme for government employees. For EPS member this option existed till September 2008. Will EPFO offer this again to bring parity between both the pension schemes.
Load More
