PENSION EPS
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.
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.
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.
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.
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