New epf pension scheme

Employees Provident Fund Organisation (EPFO) issued guidelines on February 20, 2023, giving procedure for eligible employees to submit application for higher pension under the As per the circular, in compliance of the SC judgement, the following employees with their employers may submit joint option under para 11 (3) and 11 (4) to the concerned Regional office: • The employees and employers who had contributed under paragraph 26(6) of EPF scheme on salary exceeding the prevalent wage ceiling of Rs 5000 or Rs 6500 AND • Did not exercise joint option under the proviso to Para 11 (3) of the pre-amended scheme (since deleted) while being members of EPS, 1995; AND • Were members prior to 1.9.2014 and continued to be a member on or after 1.9.2014 Thus, any employee who was member of Employees' Provident Fund (EPF) as on August 31, 2014 and did not opt for higher pension under the EPS, has an option to opt for the same on or before March 3, 2023. How eligible employees can apply for higher pension from EPS The circular has provided the guidelines on how eligible employees can apply for higher pension. As per the circular, the manner in which such employees have to apply to the concerned regional office is as follows: (i) The request will be made in such form and manner, as may be specified by the Commissioner (ii)The joint option will contain the disclaimer and declaration as may be specified therein (iii) In case of share requiring adjustment from Provident Fund to Pension Fund ...

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EPF Pension which is technically known as EPS stands for Employees’ Pension Scheme, is a social security scheme provided by the Employees’ Provident Fund Organisation (EPFO) . The scheme makes provisions for employees working in the organized sector for a pension after their retirement at the age of 58 years. However, the benefits of the scheme can be availed only if the employee has provided a service for at least 10 years (this does not have to be continuous service). EPS was launched in 1995 and allowed existing and new EPF members to join the scheme. Table of Contents : • • • • • • • • • • Eligibility Criteria In order to be eligible for availing benefits under the Employees’ Pension Scheme (EPS), an individual has to fulfil the following criteria: • He should be a member of EPFO • He should have completed 10 years of service • He has reached the age of 58 • He can also withdraw his EPS at a reduced rate from the age of 50 years • He can also defer his pension for two years (up to 60 years of age) after which he will get a pension at an additional rate of 4% for each year How to Calculate Your Pension Under EPS The pension amount in PF depends on the pensionable salary of the member and the pensionable service. The member’s monthly pension amount is calculated as per the following EPS formula: Member’s Monthly Pension = Pensionable salary X Pensionable service / 70 a) Pensionable Salary Pensionable salary is the average monthly salary in the last 60 months before the m...

The EPFO circular had also provided for the higher pension option for those eligible subscribers who either contributed on actual wages higher than ₹5,000 or ₹6,500 per month prevalent threshold pensionable salary or exercised their option for higher pension or their request for higher pension was declined by EPFO authorities before the amendment to EPS-95 in 2014. The eligible subscribers would have to apply jointly with their employer for the enhanced benefit in the application form prescribed by the commissioner and all other required documents like joint declaration etc. “The cases where FO details and employers' details match, the dues will be calculated and an order will be passed by APFC/RPFC-II/ RPFC-I for depositing/transferring the dues. The cases where there is a mismatch, the same will be informed to the employer and the employee/pensioner by APFC/ RPFC-II. They will be given a time of one month to complete the information," EPFO said in its circular. If the application for higher pension and joint option not approved by the employer: "In case submitted application form / joint option is not approved by the employer, before any rejection, an opportunity will be given to the employer for providing any additional proof or evidence or correct any mistakes/errors (including those made by employees / pensioners). Such opportunity will be for a period of one month and under Intimation to the employees / pensioners, the circular said. If the information submitted is f...