Employees' Pension Scheme (EPS-95) News Update: The Employees' Provident Fund Organisation (EPFO) on Monday allowed the withdrawal of accumulations in Employees' Pension Scheme (EPS-95) for subscribers who have less than six months of service left. epfo circular: EPFO issues circular on higher pension, clarifies which The deadline for applying for a higher pension with the Employees Provident Fund Organisation (EPFO) is approaching on 26 June 2023. Only then will the EPS-95 pensioner get the benefit in true sense. EPFO EPS Pension Guidelines: EPFO issues guidelines for higher pension For individuals who retire on or after September 1, 2014, the calculation of a higher EPS pension will be based on the average salary earned during the contributory period of service in the span of 60 months preceding the date of exit from the membership of pension fund. EPFO Pension - The Economic Times New Delhi: In the ongoing Budget Session 2022, a Parliamentary Standing Committee told the Parliament that the minimum monthly pension of Rs 1,000 for EPFO subscribers of the pension scheme. It'll just take a moment. 9,000 for its subscribers in the coming days. This will alert our moderators to take action. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.Cookies Policy. All employees can opt for EPFO pension scheme: Supreme Court, providing an opportunity to a section of pensioners to apply for higher pensions, Supreme Courts judgment of November 2022, The Hindu Centre for Politics and Public Policy, The last evening engineering college in Bengaluru closes down from this year, Making disability count: On why NFHS will yield more robust data on the disability sector, NCP moves disqualification petition against Ajit Pawar, 8 other MLAs, M.K. The employees who had retired prior to September 1, 2014, without exercising any option under paragraph 11(3) of the pre-amendment scheme have already exited from the membership thereof. With an extension till July 11, employees have a final chance to opt for a higher pension under the Employees' Pension Scheme (EPS).Employees wishing to opt for higher pensions linked to their actual salaries can log into the unified portal of the Employees' Provident Fund Organisation (EPFO).. But, this circular seeks to create an artificial cut-off date the date of retirement of employees as it is meant for those who had, prior to their retirement, exercised the option and suffered the rejection of their applications. In March 2021, the Standing Committee of Parliament had recommended to increase the minimum pension amount from Rs 1,000 to Rs 3,000. Missed Aadhaar-PAN linking deadline? Supreme Court Judgement dated 04.11.2022 in the matter Special Leave Petition (c) Nos. EPS 95 Pension Supreme Court Latest News Today 2022 | Supreme Court Judgement On EPS 95 Today Hindi EPS-95 latest news today|| eps 95 latest news || eps pe. Users can access their older comments by logging into their accounts on Vuukle. This should not be construed as legal advice. For reprint rights: Syndications Today, Higher pension: EPFO issues a circular on list of documents you can submit to claim higher EPS, Posted by: Jamma Jagannath, Jun 14, 2023, 8:34 PM IST, Employees Provident Fund Organisation (EPFO). EPFO || Circulars - Employees' Provident Fund Organisation EPS 95 Pension: What is EPS-95? Who is eligibile for it and what Higher pension from EPF: Why EPFO needs to extend the deadline again - Mint Amit Gupta of SAG Infotech said that overall, the lack of clarity, compliance burden, and slow progress in processing applications have raised concerns about the EPFO's ability to meet the deadline for applying for a higher pension. The controversial issue of investing the EPFO money in private . GSR 609(E) dated 22.08.2014 shall be applicable to both exempted as well as unexempted establishments; The Apex Court has excluded those members who already retired prior to 1st September 2014 without exercising any option in the unamended scheme since they have already existed the membership; Existing members who either opted or did not opt for a higher pension as it existed on 1st September 2014, shall be given an opportunity of submitting a joint declaration with the employer within 3rd March 2023 regarding a higher pension and higher contribution to the pension fund; As per the new landmark judgement, employers contribution of 8.33% of the actual salary(Basic Pay+ DA) shall have to be transferred to the EPF Pension scheme; Higher contribution on actual salary as above would lead to a higher pension based on the last sixty months average basic salary plus DA. The deadline was initially extended until May 3, 2023, and then further extended to June 26, 2023. EPFO to overhaul pension scheme to make it viable Wage Details submitted by the employer along with Applications for Validation of Option / Joint Options, Any salary slip / letter from employer authenticated by employer, Copy of joint request and undertaking from employer, Letter from PF office issued prior to 04.11.2022 indicating PF contribution on higher wages, Also Watch:Stocks to watch on June 15, 2023: TCS, Kotak Mahindra Bank, Varun Beverages, DCB Bank, others. We have migrated to a new commenting platform. EPFO has provided the guidelines on how eligible employees can apply for higher pension. The cost of medical inflation: How much health cover should you buy? How to apply for higher pension under the EPS - The Indian Express Already a BS Premium subscriber?LOGIN NOW. Indian shares marched higher on Tuesday in choppy trade that saw leading stock benchmarks eke out modest gains to extend their record-breaking run for the fifth consecutive session. First Published: Aug 10 2022 | 9:30 PM IST, Key stories on business-standard.com are available only to BS Premium subscribers. Here, the pensionable salary means the average of Basis Pay + DA during the last Sixty months prior to retirement. What is progress for EPS 95 pension hike? EPFO members now eligible for higher pension: Should you opt for it? The Supreme Court also held that the EPFO cannot ask subscribers for an additional 1.16 per cent of contribution of salary for opting pension on higher earnings without amending the existing law. Furthermore, the multiple circulars issued by the EPFO and the need to track each application after scrutiny adds to the compliance burden for both employees and employers. Next to pension funds, there will come a . However, the circular dated 29 Dec 2022 issued by the EPFO is silent on the procedure to be followed by such employees to avail higher pension benefit," Puneet Gupta, Tax Partner, People Advisory Services, EY India said. The EPFO on February 20 released a circular providing guidelines how eligible employees can apply for higher pension under the Employees Provident Scheme (EPS). The Supreme Court on Monday heard the EPF pension case and said the difference between Employees Provident Fund Organisation (EPFO) and Employees Pension Scheme (EPS) has to be . Stalin interview: Rein in Governor or face Tamil Nadus ire, Chief Minister tells Centre, Manipur violence | Catholic Church-BJP honeymoon ends in Kerala, Centre plans to make geotagging, biometric authentication mandatory to curb fake assessees, Stocks that will see action today: July 3, 2023. However, the EPFO is yet to issue the circular clarifying the process for opting for higher pension. Supreme Court Opens 4-Month Window For Increased Pension Option - NDTV.com This will alert our moderators to take action. The employees now have the option to go for higher contributions towards EPS, which is currently capped at 8.33% of the maximum Rs 15,000 pensionable salary. Rs 1000 per month pension which was fixed eight years back appears to be grossly inadequate now, the Parliamentary Standing Committee on Labour stated in its 30th report on Demand for Grants 2022-23, tabled in Parliament. Experience Your Economic Times Newspaper, The Digital Way! The Supreme Court in its judgement dated November 4, 2022 has provided one-time opportunity for eligible employees to opt for higher pension from Employees' Pension Scheme (EPS) under the Employees' Provident Fund (EPF) Scheme. Finally, the Supreme Court came up with a landmark judgement on 4th November 2022, in favour of the subscribers which brought a wide smile amongst the millions of members of EPFO. Will Meaning?Property Will|Benefit of Will, TDS Rate Chart For FY 2023-24 Excel Download(AY 2024-25), Estate Planning|Definition|Objectives|Benefits|Types of Estate Planning, Supreme Court judgement on EPF Pension 2022 PDF, Supreme Court judgement on EPF pension today. Chennai The Gazette Notification No. Even of these 10 lakh, only 50%may be in a position to remit the difference between the deductions already made for the Employees Pension Fund and the proportion of the actual salary to be set aside as contribution towards the Fund, he explained. 1How to calculate deemed rental income from vacant house properties, 2How to file ITR-2 online with salary, capital gains and other incomes for FY 2022-23, 3Post merger, how HDFC customers can get TDS certificate for ITR filing, 4Missed PAN-Aadhaar linking deadline? However, the demand of pensioners is that the pension amount should be increased to at least Rs 9,000. The calculator will show the remaining monthly EPS amount when . According to reports, the panel also added that the labour ministry must pursue a proposal for raising the amount. If you have not yet joined the second pillar, you can do so. How to choose best Term Life Insurance plans for 2018. The Supreme Court in its judgement dated November 4, 2022 has confirmed that Employees' Provident Fund Organisation (EPFO) notification in August 2014 is valid. The decision on this will be taken keeping in mind the recommendations of the Standing Committee of Parliament. Get your daily dose of business updates on WhatsApp. Revised EPF Pension Latest News 2022.EPF Pension Calculator, 12% of the actual salary (Basis Pay + DA), (Pensionable Service x Pensionable Salary), Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Tumblr (Opens in new window), Employees Provident Fund Organisation(EPFO), What Is Will? The Supreme Court in its judgement dated November 4, 2022 has provided one-time opportunity for eligible employees to opt for higher pension from Employees' Pension Scheme (EPS) under the Employees' Provident Fund (EPF) Scheme. Meanwhile, the retirement fund body EPFO added 17.20 lakh members on a net basis in April this year, according to payroll data released. Also, a weightage of 2 years is generally given by EPFO which is added with the total number of service period. 1998-2022 Diligent Media Corporation Limited, All Rights Reserved. However, till date no clarification, formats for declaration or FAQs have been published by EPFO. The EAPF still has one of the lowest employer contribution rates across the LGPS. Pension Reform 2021 Pensionikeskus This suggestion will also be considered in theLabour Ministry meeting. EPFO: Step-by-step guide on how higher EPS pension calculator works | Photo Credit: The Hindu. You are just one step away from creating your watchlist! RPFC will cause each application to be converted into e-file, as far as, possible. Download The Economic Times News App to get Daily Market Updates & Live Business News. Earlier, EPFO also released a circular on computation of higher pension. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. All RPFCs / OlCs, Regional Offices. Subscribe to Our Newsletter Today! These unresolved questions contribute to the uncertainty surrounding the application process," said Amit Gupta,MD, SAG Infotech. 8658-8659 of 2019 "In compliance of the direction contained in the para 44 (iii) & (iv) read with Para 44(v) of the judgement (for employees who were in service prior to 01.09.2014 and continued to be in service on or after 01.09.2014 but could not exercise joint option under erstwhile proviso to para 11(3 . click here! Watch video to decide now TIMESOFINDIA.COM / May 12, 2023, 08:09 (IST) Higher pension under EPS: Wondering whether you want a big Provident Fund corpus at the time of retirement or a better monthly pension? Pensioners had been demanding this for quite sometime now and many rounds of discussions have already taken place. The Employees Provident Fund Organisation (EPFO) has issued a circular on December 29, 2022 on who can get higher pension and the process to apply for higher pension. d) Any of the following documents have been submitted along with Applications for Validation of Option / Joint Options as proof of joint option and permission under Para 26(6). Indias leading equity benchmarks soared to fresh highs on Monday, extending their run of gains for the fourth session in a row. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp, Copyright © HT Digital Streams Limited. pension and welfare Now pay higher TDS on dividend income, 5Use NPS, salary perks to reduce tax outgo to zero; here's how, Choose your reason below and click on the Report button. The Officer in-charge shall examine each case of. Employees can log into the Employees' Provident Fund Organisation (EPFO)'s unified portal if they want to choose a higher pension scheme that is tied to their actual income. #eps-95,EPS 95 Higher Pension List, EPFO Issue Higher Pension List in Supreme Court, 21K+ Pension Cases RevisionCLICK THE BELOW LINK TO SEE LISThttps://bit.l. The EPS calculator can be used to get an idea of the pension amount for cases where the pension start date is on or after 01-04-2014. Remove some to bookmark this image. (Pensionable Service x Pensionable Salary)/70 . Read more on EPFO. Get your daily dose of business updates on WhatsApp. The Supreme Court had ruled in November 2022 that those who were Employees' Provident Fund Organisation (EPFO) members as on September 1, 2014 will now be eligible to opt for a higher pension by . EPFO meet to discuss hike in minimum pension Given that the document was not available with most of the applicants, the Kerala High Court, while recognising the enabling nature of Clause 26(6), and the proximity of the cut-off date, directed the EPFO to make provisions in the online facility to furnish options without production of the document under Clause 26(6). EPFO may increase the minimum pension to Rs 9,000/ month - SightsIn Plus According to reports, the parliamentary panel found that the issue has been discussed in detail by several committees. Eligible employees who missed higher EPS pension option earlier can still apply: Latest EPFO circular, D-St Tests Fresh Peaks as FPIs Continue to Buy, Merger wont have Adverse Impact: AI, Vistara to CCI, Salve Seeks SC Help to Curb EDs Drastic Powers in PMLA Cases, HDFC FD customers to get insurance but these old rules to continue, PAN inoperative?
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