Eps 95 pension

Nagpur: Fed up with the BJP-led central government’s refusal to increase their meagre pension, over 72 lakh aggrieved pensioners under the aegis of Employees’ Pension (EPS-95) have decided to boycott the Lok Sabha, assembly and all elections to be held in future. As per the statement issued by national general secretary Prakash Pathak, the government failed to provide “Even after our continuous correspondence, lakhs of postcards, reports to Delhi and in the state, continuous appeals made to Prime Minister According to the secretary, a final decision in this regard would be taken during the EPS-95 committee’s national executive meeting in Bhopal on June 18, which would be presided over by their president Prakash Yende. “I will table a resolution in the meeting which would be passed after detailed discussions and seeking suggestions from the members. Around 70 to 80 office bearers from 30 states of the country will participate. We have set a time limit for the government of December 31 to meet our demands or we would boycott the polls.” Pathak said nearly four lakh pensioners have passed away since their struggle for higher pension began but the government had failed to take its cognizance. “Even after appealing to 700 Lok Sabha, Rajya Sabha members and members of the 35 legislative assemblies, hardly anyone is coming forward to help. The pensioners are also demanding to grant benefits of ‘Kendriya Swastha Yojana’ and implement the orders of the Supreme Court of October 4, 2...

Explained: Supreme Court's EPF decision and what it means for you The apex court ruling means Employees Provident Fund Organisation members can now contribute 8.33 per cent of their actual salaries rather than 8.33 per cent of the pensionable salary which was capped at Rs 15,000 per month. This means those who choose to do so will get a larger retirement lumpsum The Supreme Court on Friday in an important verdict upheld the Employees’ Pension (Amendment) Scheme, 2014. The ruling, handed down by a bench comprising the then chief justice of India UU Lalit and justices Aniruddha Bose and Sudhanshu Dhulia, also struck down the requirement in the 2014 amendments that mandated employees contribute 1.16 per cent of the salary over Rs 15,000 per month. But what does this mean? And how will it impact you? Let’s take a closer look: EPFO eases EPS pension process by listing required documents; take a look Why Kathleen Folbigg, woman who spent 20 yrs in prison for killing her four babies, has now been pardoned First, let’s briefly examine EPF and EPFO. EPF is a compulsory savings scheme for salaried individuals introduced by the Government of India. It is managed by the Employees’ Provident Fund Organisation (EPFO), which was set up under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. In 1995 an amendment created a scheme to give employees’ pension. Part of an employee’s monthly salary goes into his EPF every month – which is matched by the employer. The EPF th...

Story outline • To allow higher pension to eligible employees under the Employees' Pension Scheme, 1995, (EPS 95) the Employees' Provident Fund Organisation (EPFO) has now issued a circular. • Even employees who had not earlier applied for higher pension under EPS, but were entitled to do so, can now do so. After the Supreme Court’s decision on November 4 last year to allow higher pension to eligible employees under the Employees' Pension Scheme, 1995, ( Only those employees who were members of EPS 95 prior to September 1, 2014 and continued to be a member on or after September 1, 2014, are eligible for the higher pension. Moreover, only those employees who were contributing towards the employees’ provident fund (EPF) in higher proportion above the previous wage ceilings of Rs 5,000 and Rs 6,500 but could not opt for the higher contribution then can now apply for the higher pension. All eligible EPS 95 members who wish to apply for the higher pension will have to make a higher contribution towards EPS 95 from the employer’s share on the basis of the actual wages till the time they remain active members of EPF or retire. However, a higher contribution from now onwards is not enough, as they will also have to pay the additional contributions for the previous years. This higher contribution for the previous years will be applicable from the time their actual wages went above the notified wage ceiling of Rs 5,000 and Rs 6,500 till the date the higher contribution starts gettin...