523670total sites visits.

      Employees’ Pension Scheme (EPS): Should You Opt for Deferred Withdrawal?

      Wednesday, August 30th, 2017 Amritesh 4 responses

      Recently, Government made amendments to the Employees Pension Scheme (EPS) norms allowing Subscribers to defer withdrawal of pension (After 58 years) for minimum of 1 year and maximum of 2 years along with additional interest of up to 8.16% on actual pension. The amendments offer two options to the Subscriber with regard to deferred withdrawal of the pension fund. First, the Subscriber may continue to contribute to the Pension Fund for the extended period and the same will be considered while calculating Pensionable Salary and Pensionable Service. Second, the Subscriber decides to defer the withdrawal for 2 years but opts not to contribute during the deferment period. Employees' Pension Scheme (Series-1) Benefits Under Employees' Pension Scheme (Series 2) Calculation Of…

      Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal

      Monday, August 28th, 2017 Amritesh no responses

      Government recently made few amendments to the Employees’ Pension Scheme (EPS). These amendments are aimed at reducing the deficit in Pension Fund and provide Subscribers with an option to receive higher pension. The new changes allow Subscribers to defer withdrawal of pension for 1 year or 2 years after reaching the age of 58 but not beyond 60 years. Member will enjoy an additional increase of 4% in case of deferral for 1 year and 8.16% in case of deferral for 2 years. Members will also have the option to contribute to the Pension Fund till the age of 60 which would be included while calculating pensionable service and contribution period. Members who do not wish to contribute during the…

      Calculation of Pension Under Employees’ Pension Scheme (Series-3)

      Saturday, August 26th, 2017 Amritesh 9 responses

      Employees’ Pension Scheme (EPS) provides pension to the EPF Subscribers on attaining the age of 58 years. However, the amount of pension is determined depending on the pensionable service and contribution period of the Subscriber. I have already posted articles on Benefits available under the Employees’ Pension Scheme. In this post I will discuss the procedure to determine the pension. One may refer to my earlier posts related to EPS in the link provided below:- Employees Pension Scheme (Series-1) Benefits Under Employees' Pension Scheme (Series-2) Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal In case of New Entrants:- (Joining Service After 15.11.1995) Monthly Superannuation/Early Pension = Pensionable Salary X Pensionable Service /70 Pensionable Salary shall be limited to…

      Benefits Under Employees’ Pension Scheme (Series 2)

      Friday, August 25th, 2017 Amritesh no responses

      Employees Pension Scheme (EPS) is extended to the Subscribers of Employees’ Provident Fund (EPF). The Scheme aims to provide regular income to the respective Individuals post retirement to meet his/her basic necessities. The Applicability, Coverage and other provisions of the Act have been discussed in my previous post. You may read my Introductory Post on Employees’ Pension Scheme (EPS) in the link given below: Employees’ Pension Scheme (Series-1): EPS Guidelines Employees' Pension Scheme (Series-3): Calculation of Pension Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal Benefits Under Employees’ Pension Scheme (EPS) is discussed below. Monthly Member’s Pension: Any member shall be entitled to pension:- On Superannuation if he/she has rendered eligible service for 10 years or more and…

      Employees’ Pension Scheme (Series-1): EPS Guidelines

      Thursday, August 24th, 2017 Amritesh 2 responses

      Employees Pension Scheme (EPS) was initiated for the welfare of the Employees post Retirement and provides them with Social Security. In 1971 Central Government launched the Employees’ Family Pension Scheme for providing Family Pension and Life Assurance Benefit to the employees’ which was later merged with the Employees’ Pension Scheme,1995 and Employees’ Deposit Linked Insurance Scheme,1976 for providing benefits to the employees. From 1st September, 2014 few amendments have been made to Employees’ Pension Scheme and we will look at those in this post along with some of the important aspects of the scheme. Few changes made recently to Employees Pension Scheme have also been incorporated. Benefits Under Employees' Pension Scheme (Series-2) Employees' Pension Scheme (Series-3): Calculation of Pension Employees’…

      Employees’ Provident Fund Scheme: Composite Claim Forms For Fund Withdrawal (CCF)

      Friday, March 3rd, 2017 Amritesh 3 responses

      The Employees’ Provident Fund Organization (EPFO) has been introducing changes to simplify the withdrawal process for the Subscribers to the Employees’ Provident Fund (EPF). Recently, the EPFO has introduced a single page Composite Claim Form (CCF) which would ensure hassle free claim processing for the subscribers whose Aadhar Number and Bank details have been seeded with the Universal Account Number (UAN). The EPFO has taken measures to smoothen the claim process, the changes pertaining to the same has been discussed below. CCF (Non Aadhar) has also been issued for Subscribers yet to seed their account with UAN. EPFO in its pursuit to make the service more transparent and efficient as part of their e-governance drive has introduced multiple reforms including…

      How does the Amendments to the Statutory Benefits Affect Employees: An Illustration

      Sunday, October 26th, 2014 Amritesh no responses

      The Government of India (Ministry of Labour & Employment) recently issued notification regarding the amendments to the Employees Provident Fund Scheme,1952 (EPF),Employee Pension Fund,1995 (EPF), and Employees Deposit Linked Scheme,1976 (ELDI) which came into effect from 1st September,2014.The changes were aimed at improving the social security provided to the employees. The changes are Employee friendly as more employees will be inducted into the EPF and EPS scheme. The amendments ensured that minimum Monthly Pension for retired employees be fixed at Rs 1,000/- which previously stood at Rs 250/-.You can follow series of articles in this issue on my blog. I have posted an article where you will find amendments made in this regard. Here I will illustrate the changes which will impact…

      Amendments In Statutory Benefits For Employees’ And It’s Impact: Provident Fund, Pension Fund, Deposit Linked Insurance

      Saturday, October 25th, 2014 Amritesh 2 responses

      The Ministry of Labour Laws by notification dated 22nd August,2014 amended Employees Provident Fund Act,1952 effective 1st September,2014. You can read about Employees' Provident Fund in the link given below.Universal Account Number (UAN): Guidelines for SubscribersWithdrawals and Advances Under Employees' Provident Fund SchemeEmployees' Provident Fund SchemeThe highlights are as follows:-Amendments with respect to Contributions to the Employee Provident Funds (EPF)The wage ceiling of Rs 6500/- has been raised to Rs 15,000/- for the purpose of calculating the EPF. Thereby all the employees who fall under the bracket of Rs 6500/- to Rs 15,000/- will now be covered under the EPF.New entrants with Basic wage exceeding Rs 15,000/- may not opt for the EPF.EPF will continue to earn interest on the fund as prescribed by the…