Dear Abbas,
When is the CBT meeting scheduled next? The decision regarding the implementation of the new pension scheme and remitting the due amount in respect of the new pension calculation can happen only after this meeting and decision then?
How is the pensionable service calculated in the new pension scheme? a) before 1995 b) after 1995 & c) after 2014? How is the service calculated based on these factors? Is there an additional +2 score added to the service if the service is more than 20 years? Then the (Number of pensionable service / 70) gives you the factor for multiplication with your Basic Salary + DA. Is this correct?
The (Basic + DA) for arriving at the pension amount per month - How is this taken? Average of the last five years or average of the last one year?
EPF proposal for ESI Insurance has been finalized?
Is there a proposal to give a lump sum amount for the EPF retirees as a terminal benefit? What is the formula for this?
Satheesh Kumar.P
From India, Bengaluru
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5When is the CBT meeting scheduled next? The decision regarding the implementation of the new pension scheme and remitting the due amount in respect of the new pension calculation can happen only after this meeting and decision then?
How is the pensionable service calculated in the new pension scheme? a) before 1995 b) after 1995 & c) after 2014? How is the service calculated based on these factors? Is there an additional +2 score added to the service if the service is more than 20 years? Then the (Number of pensionable service / 70) gives you the factor for multiplication with your Basic Salary + DA. Is this correct?
The (Basic + DA) for arriving at the pension amount per month - How is this taken? Average of the last five years or average of the last one year?
EPF proposal for ESI Insurance has been finalized?
Is there a proposal to give a lump sum amount for the EPF retirees as a terminal benefit? What is the formula for this?
Satheesh Kumar.P
From India, Bengaluru
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Dear Satheesh Sir,
I am not aware of the next meeting date of CBT. EPFO will change the interim notification only if the CBT's decision is in favor of employees.
Generally, service will be divided into two categories:
a) Past service, i.e., service up to 15.11.95
b) Pensionable service w.e.f 16.11.95.
If the total service (including past service) is more than 20 years, 2 years bonus/weightage will be added to pensionable service; provided the relieving from service is after completion of 58 years of age. If the contribution is on the ceiling limit, pensionable service will be divided again as up to 31.8.14 (6500) & w.e.f 1.9.14.
(Rest of the queries may be addressed later)
Abbas.P.S
From India, Bangalore
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I am not aware of the next meeting date of CBT. EPFO will change the interim notification only if the CBT's decision is in favor of employees.
Generally, service will be divided into two categories:
a) Past service, i.e., service up to 15.11.95
b) Pensionable service w.e.f 16.11.95.
If the total service (including past service) is more than 20 years, 2 years bonus/weightage will be added to pensionable service; provided the relieving from service is after completion of 58 years of age. If the contribution is on the ceiling limit, pensionable service will be divided again as up to 31.8.14 (6500) & w.e.f 1.9.14.
(Rest of the queries may be addressed later)
Abbas.P.S
From India, Bangalore
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(Fact Check Failed/Partial)-The user reply contains inaccuracies regarding EPFO guidelines on service division and bonus calculation. Corrections are needed for accuracy.
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Dear Sir,
It is not understood on what basis the EPFO has not agreed to companies with exempted trusts, as it is clear that all three aspects have different statuses. The Provident Fund Trust might have obtained an exemption, but for Pension, it is not exempted, as most of the PSUs contribute to RPFC. The third aspect is on EDLI. If EDLI is exempted, then the employer can opt for alternative schemes. That is why most companies have their arrangements with LIC or other institutions.
I mean to say that PF Trust, Pension Fund, and EDLI all have different statuses. The individual exempted status can be viewed on the EPFO website. However, why one is linked to the other is not very clear. If someone can explain, it would be better.
From India, Barhiya
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It is not understood on what basis the EPFO has not agreed to companies with exempted trusts, as it is clear that all three aspects have different statuses. The Provident Fund Trust might have obtained an exemption, but for Pension, it is not exempted, as most of the PSUs contribute to RPFC. The third aspect is on EDLI. If EDLI is exempted, then the employer can opt for alternative schemes. That is why most companies have their arrangements with LIC or other institutions.
I mean to say that PF Trust, Pension Fund, and EDLI all have different statuses. The individual exempted status can be viewed on the EPFO website. However, why one is linked to the other is not very clear. If someone can explain, it would be better.
From India, Barhiya
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(Fact Check Failed/Partial)-The reply is partially correct. EPFO regulations do link PF, Pension, and EDLI. Exempted status affects all three. Further explanation may clarify.
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Dear friends,
Exemption is possible for all three cases viz. PF, pension & EDLI. Now EPFO is not ready for full salary option on pension, as it is much expensive. Their circular dated 23.3.17 is in compliance with the Supreme Court direction to give the facility to all. Now I shall come to the point on which EPFO is denying the provision and the courts countering the argument.
Even though there was provision to contribute to EPS on full salary, EPS cannot receive arrears with retrospective effect. To this argument, courts say that there is no question of retrospective payment. Whether the deposit is in PF or EPS, it is with EPFO only. Only a paper adjustment is needed to transfer the amount from PF to EPS. Now EPFO has observed that in the case of exempted trusts, PF amount is not with EPFO, but with concerned organizations. Accordingly, they feel that they are not to obey the court order regarding exempted trusts.
Abbas.P.S
From India, Bangalore
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Exemption is possible for all three cases viz. PF, pension & EDLI. Now EPFO is not ready for full salary option on pension, as it is much expensive. Their circular dated 23.3.17 is in compliance with the Supreme Court direction to give the facility to all. Now I shall come to the point on which EPFO is denying the provision and the courts countering the argument.
Even though there was provision to contribute to EPS on full salary, EPS cannot receive arrears with retrospective effect. To this argument, courts say that there is no question of retrospective payment. Whether the deposit is in PF or EPS, it is with EPFO only. Only a paper adjustment is needed to transfer the amount from PF to EPS. Now EPFO has observed that in the case of exempted trusts, PF amount is not with EPFO, but with concerned organizations. Accordingly, they feel that they are not to obey the court order regarding exempted trusts.
Abbas.P.S
From India, Bangalore
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(Fact Checked)-[The user's reply contains accurate information regarding the EPFO circular, compliance with Supreme Court directions, and the issue of retrospective payment. The explanation provided is in line with the latest laws and regulations.] (1 Acknowledge point)
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Hi, I have experience in HR but have been in recruitment for a long time. Now, I want to learn other aspects of HR, especially Payroll and other compliances. Kindly guide me through this. I am very eager to gain these details as I am moving to a new project that requires me to acquire knowledge in these areas as well. Please assist me with this. - Vidhya
From India, Hyderabad
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From India, Hyderabad
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(Fact Checked)-Hi, I have experience in HR but was in recruitment for long. Now, I want to learn Payroll and compliance. Kindly guide me through. I am moving to a new project that requires this knowledge. Thank you! (1 Acknowledge point)
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Subsequent to Circular Dated 23/03/2017, another Circular Dated 31/05/2017 (attached) has been issued by PF Organisation, whereby glaring discrimination is being caused by differentiating between Exempted and Unexempted establishments in giving higher pension in terms of Circular Dated 23/3/2017 issued on the basis of Honorable Supreme Court's Order Dated 4/10/2016.
Employees having PF Account and EPS Account with the concerned RPFC will only be given the benefit of higher pension, whereas employees having PF Account with Trustees will not receive the benefit of the circular dated 23/03/2017. This appears to be unreasonable and uncalled for as, for no fault of an employee having a PF Account with Trustees, they are being deprived of a benefit accrued on the basis of the Honorable Supreme Court's Order.
From India, Delhi
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Employees having PF Account and EPS Account with the concerned RPFC will only be given the benefit of higher pension, whereas employees having PF Account with Trustees will not receive the benefit of the circular dated 23/03/2017. This appears to be unreasonable and uncalled for as, for no fault of an employee having a PF Account with Trustees, they are being deprived of a benefit accrued on the basis of the Honorable Supreme Court's Order.
From India, Delhi
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(Fact Check Failed/Partial)-[The user's reply contains inaccuracies. There is no reference to any circular dated 31/05/2017 or a Supreme Court order dated 4/10/2016 related to PF pensions and discrimination between exempted and unexempted establishments. The information provided seems to be based on incorrect details.]
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Dear Friends,
Please advise if opting for the full pension scheme is a good option, considering that we will be contributing 8.33% of Basic+DA, which will reduce our EPF corpus. Is this a better option? Also, kindly provide any estimated calculation sheets available.
Thank you.
From India, Hyderabad
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Please advise if opting for the full pension scheme is a good option, considering that we will be contributing 8.33% of Basic+DA, which will reduce our EPF corpus. Is this a better option? Also, kindly provide any estimated calculation sheets available.
Thank you.
From India, Hyderabad
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(Fact Checked)-The user's reply is partially correct. Opting for the full pension scheme may reduce the EPF corpus, but it offers enhanced pension benefits. Calculations can be provided by the EPFO. (1 Acknowledge point)
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My Basic salary is 20860 and worked with the Organisation upto 26 years then what will be my pension amount as per new EPS formula.
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(Fact Checked)-The Employee Pension Scheme (EPS) calculation is based on various factors including salary, service period, and contribution. For an accurate pension estimate, consider consulting with your HR department or using the official EPFO pension calculator. (1 Acknowledge point)
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Dear Mr. Abbas,
I joined ITI LTD as an AEE on 7th March 1983 and retired as DGM on 30th April 2014. I am receiving a pension of Rs. 2331 from May 2014. Am I eligible for an enhanced pension as per the EPO circular dated 23.3.2017? If so, what is the procedure, and how is the revised pension calculated?
Please inform me.
Thanks,
K. S. Manjunatha
From India, Bengaluru
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I joined ITI LTD as an AEE on 7th March 1983 and retired as DGM on 30th April 2014. I am receiving a pension of Rs. 2331 from May 2014. Am I eligible for an enhanced pension as per the EPO circular dated 23.3.2017? If so, what is the procedure, and how is the revised pension calculated?
Please inform me.
Thanks,
K. S. Manjunatha
From India, Bengaluru
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(Fact Check Failed/Partial)-The user's reply is incorrect as EPFO circulars do not impact individual pension calculations. It is based on service, average salary, and contribution period.
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(Fact Check Failed/Partial)-The user's reply contains several questions and inaccuracies regarding EPFO and pension calculations. The EPFO circular was not detailed in the original post.