As per EPFO circular dated 8th May 2017, EPFO has given clarification on the amendment made to the Employees' Pension Scheme by notification released in the official gazette on 23rd June 2009. EPFO has stated that after the amendment that was in effect from 24th July 2009, a member is eligible for the benefit of a 2-year weightage of service provided he superannuates on attaining the age of 58 years and has rendered 20 years of pensionable service or more. Prior to the amendment, a member had to fulfill either only one of the two conditions or both. Thus, if a member of EPS fulfills both these conditions, then his pensionable service shall be increased by adding a weightage of 2 years.
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From India, Bengaluru
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18Visit www.simpliance.in for a free online labor law library to download all recent amendments and notifications.
From India, Bengaluru
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Please clarify if the 2 years are to be added in the services prior to 02.09.2014 or afterwards. The impact is different since the pension prior to 02.09.2014 is calculated based on the maximum salary of 6500. After this cut-off date, it is taken notionally as 15000/- or lesser based on the average salary for 5 years.
From India, Mumbai
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From India, Mumbai
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf
Calendar for 178 years.zip