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      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’ State Insurance Act (ESI)

      Wednesday, July 12th, 2017 Amritesh one response

      Employees’ State Insurance (ESI) Act was introduced with the objective of providing the workers, employees with proper medical care and benefits. The Act has been amended from time to time to extend benefits to more and more employees/workers so as to provide them with a medical cover. ESI was enacted as a part of Social Security and Welfare measure which would provide protection to the working population especially the lower income group in the society. In this post I would cover the Salient Provisions of the Scheme. The Benefits under the Scheme will be covered in another article. More on the ESI Act and EPF. Links provided below:- Salient Features And Benefits Under Employees State Insurance Act (ESI) Employees' Provident…

      Employees’ Provident Fund Scheme 1952

      Monday, April 17th, 2017 Amritesh 3 responses

      Employees’ Provident Fund Scheme, 1952 came into effect on 4th March,1952. It is a statutory body under the Government of India and under the regulation of Ministry of Labour and Employment. It was introduced to provide a form of Social Security to the Workers and Employees and safeguard their future. It provides lumpsum benefits to the subscribers on retirement. Employees’ Provident Fund (EPF): Latest Recommendations Employees’ Provident Fund (EPF) Reforms: Online PF Withdrawal/Settlement The Act also covers:- Employees' Pension Fund (EPS) Employees' Deposit Linked Insurance Fund (EDLI) APPLICABILITY OF THE ACT Every establishment which is a factory engaged in any Industry specified in Schedule I and in which 20 or more people are employed. Any Establishment employing more than 20 people…

      Withdrawals And Advances Under EPF

      Sunday, March 26th, 2017 Amritesh no responses

      Subscribers to Employees’ Provident Fund are eligible for Withdrawals and Advances subject to certain conditions relating to service and purpose for availing it. New Composite Claim Form (CCF) has been issued for the same along with relaxation in the document requirements for the withdrawal. Please refer to the form shared below. Withdrawal and Advances are available to the Employees’ for the following Purposes:- Marriage/Education Treatment Purchase or Construction of Dwelling House Repayment of Housing Loan Addition/Alteration of House Repair of House Lockout Withdrawal Prior Retirement Other Advances For Marriage/Education Medical Treatment Purchase or Construction of Dwelling House Repayment of Housing Loan For Purchase of Site/Plot Addition/Repair/Alteration of House Lockout If the company is closed for more than 15 days and…

      Minimum Wages Act,1948

      Saturday, December 31st, 2016 Amritesh one response

        Minimum Wages Act envisages to fix minimum standard wage in scheduled employments thereby protecting the interest of the wage earners. The Act aims to eradicate the exploitation of labour at the hands of the respective employers. The Act also provides provision for maximum daily working hours, periodic rest day and also overtime wages. It lays out provision to protect the interest of the employees and provide them with minimum wage deemed ideal to sustain themselves and their dependents.   Coverage and Applicability Minimum Wages Act extends to whole of India and is applicable to all the establishments employing one or more Individuals included under the Scheduled Employment list. Every Employee working in any scheduled employment is covered under the…

      Amendments to Employees State Insurance Corporation (ESIC), 2016

      Friday, December 30th, 2016 Amritesh no responses

        Employees State Insurance Corporation (ESI) has witnessed quite a few amendments in the last few months which are aimed at improving the healthcare benefits extended to the employees covered under the Act. The latest amendments to ESI are aimed at bringing more individuals under the scheme which would also include their dependents under the fold. The social security schemes are aimed at improving the standard of living and provide better healthcare facility to the Individuals. Amendment also tries to expand the coverage in terms of reach so that more and more Individuals across the nation are included under the scheme.   Employee State Insurance (ESI) Salient Features And Benefits Under Employees State Insurance Act (ESI) Wage Ceiling Hiked The…