Getty Images within 3rd March 2023. The status of employers who no longer exist or have merged also remains uncertain. epfo circular: EPFO issues circular on higher pension, clarifies which This suggestion will also be considered in theLabour Ministry meeting. What is Supreme Court pension scheme verdict - The Indian Express This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Published Date:March 16, 2022 8:35 AM IST. EPFO: Today Latest News, Photos, Videos about EPFO - Zee Business Indias leading equity benchmarks soared to fresh highs on Monday, extending their run of gains for the fourth session in a row. The cost of medical inflation: How much health cover should you buy? Today is last day to apply for higher pension from EPFO: Here are 10 The new circular is issued to comply with the instructions issued by the Supreme Court in its jdugement dated November 4, 2022. / epfo pension News EPS Higher Pension Calculation: Bigger Provident Fund balance or higher pension? Writes on personal finance, banking and real estate. The last date to apply for the same is March 3, 2023. 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. The Officer in-charge shall examine each case of. click here! Sales of daily essentials and groceries, as well as electrical goods such as air-conditioners and refrigerators, fell sharply in the June quarter, hurt by unseasonal rains leading to a less-than-torrid summer in parts of the country and consumers continuing to cut back discretionary spends. What is really behind the violence in Manipur? It also said difficulties are being faced by EPFO members for e-nomination, especially by those who retired before 2015, as well as in the functioning of the Online Transfer Claim Portal (OTCP). In case you cant find any email from our side, please check the spam folder. "The applicants who qualify (i) above and are already contributing/ have contributed till retirement/superannuation on actual (higher) pay, if they have not submitted their joint requests and undertaking of employer, can submit the same at the time of final claim settlement through their last employer. 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? 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? Comments have to be in English, and in full sentences. Each application will be registered and digitally logged. Mondays rally was backed by Reliance Industries, ITC, the HDFC twins and the pack of financial stocks. EPS Pension: Who is eligible for higher EPS pension under EPF scheme The employees who have retired before September 1, 2014, upon exercising option under paragraph 11(3) of the 1995 scheme shall be covered by the provisions of paragraph 11(3) of the pension scheme as it stood prior to the amendment of 2014. Reported By:| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Jan 03, 2022, 12:50 PM IST. Dont miss out on ET Prime stories! Experience Your Economic Times Newspaper, The Digital Way! Accordingly, only in case of applicants otherwise eligible for pension on higher wages as per the directions of the Honble Supreme Court judgment dated 04.11.2022, for scrutiny regarding Para 26(6), following procedure may be followed: a) Employer share of PF contribution has been remitted on employees pay exceeding the prevalent statutory wage ceiling of Rs 5,000/6,500/15,000 per month from the day the pay exceeded the wage ceiling or 16.11.95 whichever is later, till date/ till the date of retirement or superannuation as the case may be; and, b) Administrative charges payable by employer have been remitted on such higher wages; and, c) Provident Fund account of employee has been updated with interest as per Para 60 of EPFS,1952 on the basis of such contribution received; and. Can a single woman working as a freelancer secure a home loan. Oops! The Formula for EPF pension calculation as of now is, (Pensionable Service x Pensionable Salary)/70. Do multi-asset MFs really help in diversification? #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. Only then will the EPS-95 pensioner get the benefit in true sense. For reprint rights: Inciting hatred against a certain community, Marching on: Sensex Scales 65k, Nifty Crosses 19,300, Untimely Rains Dilute Summer Consumer Sales, How to file ITR-2 online with salary, capital gains, other incomes, First bank to offer Mahila Samman Savings certificates, How to check if your PAN is valid or invalid, How 'income' from vacant house is calculated, This bank offers up to 7.5% interest on savings accs, 5 ways to maximise the rewards on your credit card, 5 microfinance stocks with up to 26% upside potential, Invalid PAN? Tamil Nadu Also, a weightage of 2 years is generally given by EPFO which is added with the total number of service period. EPFO || Circulars - Employees' Provident Fund Organisation 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. Your Reason has been Reported to the admin. Home Revised EPF Pension Latest News 2022.EPF Pension Calculator. (Your legal guide on estate planning, inheritance, will and more.). Date. Your monthly pension may increase to Rs 9,000, Employees' Provident Fund Organisation (EPFO). 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. How can I earn a pension of Rs 50,000 per month? The concerned SS/AO will mark out any discrepancies and send it with the rule position to AFPC/RPFC-II who after due examination will put the case to Officer-in charge of Regional Office. 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. What is Supreme Court decision on EPF pension? (Your legal guide on estate planning, inheritance, will and more.). Who is eligible and who is not eligible to apply for higher pension from EPS? We have migrated to a new commenting platform. The controversial issue of investing the EPFO money in private . (Pensionable Service x Pensionable Salary)/70 . Earlier, EPFO also released a circular on computation of higher pension. In support of his contention, the legal adviser says, quotinga reply given in March 2020 by the EPFO under the Right to Information Act, that only 24,672 pensioners, all from unexempted establishments, were allowed higher pensions and this was after the 2016 judgement of the Supreme Court. 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. EPFO: Read EPFO Latest News also find Videos, Photos and information about EPFO from ZeeBiz.COM. Download The Economic Times News App to get Daily Market Updates & Live Business News. One suggestion says that the pension should be fixed according to the last drawn salary of the employee just before the retirement. The Gazette Notification No. Higher pension contribution for those retired before September 1, 2014. Our latest annual reports are now available! | 10 | 2022 | News - EAPF In the new window, employees will have . 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 Court was informed that if an employee wants to contribute above the threshold limit of the base salary of Rs 15,000 then they can contribute 1.16% of the salary. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. Chennai 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. If you are happy with your choices so far, you don't have to do anything. Higher Pension: . EPFO Pension Latest News Today: Needless to say that for the last few months both the Employees Provident Fund Organisation(EPFO) and the subscribers or members of EPFO were amid rising tension regarding the long pending pension revision case pending before the Honorable Supreme Court. The Ministry of Labour and Employment made the announcement citing, "Central Provident Fund Commissioner (CPFC) had directed to process pension payments in all 135 offices of EPFO in advance so that no inconvenience is caused to pensioners on account of nationwide lockdown for containing Covid-19 outbreak." Dont miss out on ET Prime stories! 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 determined to assess the pension scheme amendment. EPS 95 Higher Pension List, EPFO Issue Higher Pension List in - YouTube Employees' Pension Scheme (EPS), 1995 - Latest updates about revision 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. Read on to know what the latest judgment means for your EPF account and EPS pension. As per the above judgement of the Honble Supreme Court of India, the employees who joined service before 01-09-2014 and were enrolled as members of the EPF Act 1952, can file a joint declaration before the EPFO, by the employees and the employer. Dont Miss Out on the Latest Updates. However, the EPFO is yet to issue the circular clarifying the process for opting for higher pension. It does seem that the authorities of EPFO who has implemented this pension calculation scheme which is far far away from reality and market condition and is not just, fair and reasonable. How to apply for higher pension under the EPS - The Indian Express Supreme Court Judgement dated 04.11.2022 in the matter Special Leave Petition (c) Nos. EPFO EPS pension 95 latest news: Big news for pensioners! Modi EPFO is one of the World's largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. Published Date: March 16, 2022 8:35 AM IST, By India.com Business Desk Edited by Raghav Aggarwal. 'EPFO guidelines on higher pension still silent on many issues' How to use the EPFO higher pension calculator? EPFO: Step-by-step guide on how higher EPS pension calculator works EPFO Forms list: 6 types of forms for settlement/withdrawal, pension, transfer or nomination - details. Premium Also read in: What the Supreme Court said on EPFO pension scheme Employees who were existing EPS members as on September 1, 2014 can contribute up to 8.33 per cent of their 'actual' salaries as against 8.33 per cent of the pensionable salary capped at Rs 15,000 a month towards pension. Your Reason has been Reported to the admin. Gupta case of 2016, the apex court stated two months ago that all the employees who did not exercise the option but were entitled to do so but could not do so due to the interpretation on cut-off date by the authorities, ought to be given a further chance to exercise the option. It is in this context that the courtfixed a period of four months for them to exercise the option under paragraph 11(4) of the post-amendment Employees Pension Scheme (EPS). Partner site: Zee News 1998-2022 Diligent Media Corporation Limited, All Rights Reserved. Download The Economic Times News App to get Daily Market Updates & Live Business News. Our Active Pension Fund's annual performance return was 6.5%. "Be Confident and make a Financial Change". Download The Economic Times News App to get Daily Market Updates & Live Business News. The concerned dealing assistant will examine the papers including the note on receipt of due amount in the pension fund, and mark the case to the section supervisor/account officer. 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. A pensioner is required to submit the documents for evidence and further processing. Employees must thereafter disclose wage information up until their retirement date or until February 2023, whichever comes first. December 31, 2022 09:28 pm | Updated January 01, 2023 07:53 am IST - CHENNAI, The Employees Provident Fund Organisation has issued a circular as part of the implementation of the Supreme Courts judgment on the validity of the Employees Pension (amendment) Schemeof 2014. The EAPF still has one of the lowest employer contribution rates across the LGPS. Contending that the circular would benefit only a miniscule section of the EPSpensioners, Dada Tukaram Zode, national legal adviser of the Employees Pension (1995) Coordination Committee, a body affiliated to the Bharat Pensioners Samaj of New Delhi, argued that it is against the courts judgements of 2016 and 2022 which dismissed the notion of cut-off date. According to reports, the panel also added that the labour ministry must pursue a proposal for raising the amount. This will alert our moderators to take action. EPF: Today Latest News, Photos, Videos about EPF - Zee Business Also, EPFO provides a bonus of 2 years if the service period is more than 20 years and less than 33 years while calculating the pension under EPS 95 scheme. Learn how your comment data is processed. Holiday list 2023 West Bengal. While the Central Trade Unions have demanded a hike of up to 6,000 from the current 1,000, the CBT may take it up to 3,000. Users can access their older comments by logging into their accounts on Vuukle. This joint declaration shall be filed before the EPFO within Four months from the date of Judgement i.e. However, till date no clarification, formats for declaration or FAQs have been published by EPFO. If you do not have an account please register and login to post comments. However, the process for submitting joint application by the employees is extremely complicated, particularly a mandatory requirement in the form that required furnishing details of the option under para 26 (6) of the Scheme, 1952. Read more on Latest Business News on India.com. Experience Your Economic Times Newspaper, The Digital Way! 1.39 crore in 2022-23 Sat, May 20, 2023 . However, young people automatically join the second pillar, but they have a chance to rethink. However, there are concerns about how transfers from the EPF account to the EPS account will be carried out and how discrepancies in wage records will be resolved. Calculate Revised EPF Pension Latest News 2022 EPFO Pension Latest News: Needless to say that for the last few months both the Employees' Provident Fund Organisation (EPFO) and the subscribers or members of EPFO were amid rising tension regarding the long pending pension revision case pending before the Honorable Supreme Court. Subscribe to Our Newsletter Today! Should your retirement nest be far from the teeming crowd? Pensioners had been demanding this for quite sometime now and many rounds of discussions have already taken place. 1998-2022 Diligent Media Corporation Limited, All Rights Reserved. Here's What You Can Do, EPFO Extends Deadline To Apply For Higher Pensions, Pranab Mukherjees farewell in Parliament: 8 highlights from his farewell speech, Relook Rs 1,000 Monthly EPFO Pension, Revise Eligibility Of ABRY: Parliamentary Committee. 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. / | Photo Credit: The Hindu. Supreme Court hears the validity of pension scheme amendment Pension reform2021. Your contributing member annual pension statement for the year ending 31 March 2022 will be added to your online pensions account by 31 August. Download The Economic Times News App to get Daily Market Updates & Live Business News. Clause 26(6) allows employees to jointly request with their employer to contribute a higher amount to the fund, exceeding Rs 15,000, to claim a higher pension. To ensure higher pension, the Supreme Court judgement on EPFO Pension Latest News Today on 04.11.2022, delivered that the subscribers must be given an opportunity to contribute higher amount to EPS Fund on actual salary basis, so that they can receive higher pension at the time of retirement based on last 60 months average salary. How can I earn a pension of Rs 50,000 per month? The new circular is issued to comply with the instructions issued by the Supreme Court in its jdugement dated November 4, 2022. (Your legal guide on estate planning, inheritance, will and more.). 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. The Supreme Court's November 2022 order allowed employees who were part of the EPF before or on September 1, 2014, but could not apply for a higher pension, to submit fresh options within four months. Good news! Your minimum monthly pension may increase to Rs 9,000 - Know how Though the circular has been issued as part of the implementation of the Supreme Courts judgment of November 2022 on the validity of the Employees Pension (amendment) Schemeof 2014,it has left out the pensioners whose case was recommended by the court. It further added that as a large number of employers/ employees are unaware of the complex procedures, they get deprived of the benefits offered by the schemes. Higher pension from EPF: Why EPFO needs to extend the deadline again - Mint The committees have reached a conclusion that unless the actuarial assessment of surplus/deficit of EPFOs pension schemes is made, revision of the monthly pension cannot be done. CPFCs, Zonal Offices. The Employees Provident Fund Organisation (EPFO)'s latest circular, providing an opportunity to a section of pensioners to apply for higher pensions, is silent about those who could not exercise . These include how payment and calculation will be done, how discrepancies between wage records maintained at the EPFO level and those maintained at the employer level will be resolved, and what would happen if one of the employers is no longer in existence or has merged. 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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 eligibility criteria for the higher EPS scheme were defined in the Supreme Court judgment in EPFO (Employee Provident Fund Organization) vs. Sunil Kumar, which was decided on 04.11.2022. A meeting of the Ministry of Labour and Employment is scheduled to be held in February where a decision to this effect will take place. These unresolved questions contribute to the uncertainty surrounding the application process," said Amit Gupta,MD, SAG Infotech. Only then will the EPS-95 pensioner get the benefit in true sense. 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? 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. Also Read:I am 40, a salaried person and earn Rs 1 lakh. 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 is grossly inadequate and needs to be relooked at. Meanwhile, the retirement fund body EPFO added 17.20 lakh members on a net basis in April this year, according to payroll data released. EPFO to overhaul pension scheme to make it viable 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 . Stocks to watch on June 15, 2023: TCS, Kotak Mahindra Bank, Varun Beverages, DCB Bank, others, Top News on June 15: SAT to hear ZEEL promoter plea, Vodafone stock in focus after $19 billion merger in UK, TCS, DCB Bank shares to trade ex-dividend, Nifty, markets outlook, Cell Point IPO, Cyclone Biparjoy landfall, Prabhas Adipurush to hit theatres on June 16; from Om Raut pecking Kriti Sanon to Sitas attire, Saif Ali Khans comments on Raavana, poor VFX, heres all the times the film landed in a row. 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 . With an aim to provide more clarity on how to claim higher pension, the Employees Provident Fund Organisation (EPFO) on Wednesday released a circular on what all documents one can submit if one is not able to furnish a joint request under para 26(6) of EPF scheme. Sub: Instructions in compliance of orders contained in Para 44 (ix) read with Para 44 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? EPFO Pension - The Economic Times However, the demand of pensioners is that the pension amount should be increased to at least Rs 9,000. 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.
