Dear Friends, Hopefully attachment will be useful for all of our users. Wages Ceiling has been revised to 15000/- from 6500/- Minimum Pension will be 1000/- for subscribers.
From India, Delhi
30From India, Delhi
Good to know..... plz share the revised contribution rates under epf and epf and edli with admin charges
From India, Surat
From India, Surat
I find the Increase is in Papers only. Old pensioners who were getting less than Rs 1000/- are still getting the EPF Pension less than Rs 1000/-.
No Body is clarifying the this for New Employees who joins the scheme after 1st April 2013 or Old pensioners whose pension was sanctioned in 2002-2003 also.(My pension was sanctioned was Rs 645/- -in May 2003 and till August 2014 I am getting the same)
If Increase is for Old pensioners are to get Increased Pension what procedures they have to follow. HR Sections care for the current employees but no HR Section contacts the retired employees.
From India, Delhi
No Body is clarifying the this for New Employees who joins the scheme after 1st April 2013 or Old pensioners whose pension was sanctioned in 2002-2003 also.(My pension was sanctioned was Rs 645/- -in May 2003 and till August 2014 I am getting the same)
If Increase is for Old pensioners are to get Increased Pension what procedures they have to follow. HR Sections care for the current employees but no HR Section contacts the retired employees.
From India, Delhi
Dear Mr. Shethi,
New rules are applicable from Sep 14. You will start getting your 1000 from Sep or October (depending upon the interpretation effecive from Sept means the pension received in the first week of Sept or October). UPA had recommended this to be effecive from April, but 'Ache din aanewala' has reduced it to be effective Sept.
You don't have to do anything, EPFO will inform your Bank with a copy to you, probaly that will be in the form of a new PPO(pension paying order)
From India, Thane
New rules are applicable from Sep 14. You will start getting your 1000 from Sep or October (depending upon the interpretation effecive from Sept means the pension received in the first week of Sept or October). UPA had recommended this to be effecive from April, but 'Ache din aanewala' has reduced it to be effective Sept.
You don't have to do anything, EPFO will inform your Bank with a copy to you, probaly that will be in the form of a new PPO(pension paying order)
From India, Thane
Thanks friends for viewing. Give appreciation also if it is useful. Kuch Acche din hamare bhi aa jayein.
@Sethi Uncle...Raghavant is right, you have nothing to do and you will get your pension in four digits from Sept'14 Paid in Oct'14.
From India, Delhi
@Sethi Uncle...Raghavant is right, you have nothing to do and you will get your pension in four digits from Sept'14 Paid in Oct'14.
From India, Delhi
Two things we have overlooked/missed:
1. Pension amendment is applicable for the year 2014-15 only, does it mean that every year a notification will be issued?
2. Pensionable salary will be calculated as the average of last 60 months of service instead of current 12months. The employers favouring employees by showing higher salary for the last 12 months of service may stop now.
From India, Thane
1. Pension amendment is applicable for the year 2014-15 only, does it mean that every year a notification will be issued?
2. Pensionable salary will be calculated as the average of last 60 months of service instead of current 12months. The employers favouring employees by showing higher salary for the last 12 months of service may stop now.
From India, Thane
Dear Sir,
With reference to your reply , I would like to Inform that My Pension has increase from Rs645/- per Month to Rs 760/- .
Not to Minimum of Rs 1000/- as declared by Govt.No Intimation about Increase or How the New Fixation has been Done, has been received. If there are some other Calculation Method then I Fail to understand, why Govt. ( Political Leaders) Declare the Minimum Pension of Rs 1000/- when the EP Pension Office has to follow different Rules.
Pl note that I had worked in a PSU for 36 Years and paying my contribution to Fund for 36 Years... and I had been getting Rs 645/ pm for the last 12 years. I had been a big losers because the the Change in Scheme in 1995.
The Value of Money in the Years when I paid the contribution was 10 to 20 times the the Value today.
.
As per the scheme, the Govt is not Paying the Pensioner the due Returns. Pensioner are getting cheated.
Pension Schemes by LIC or other Insurance Schemes are also similar...
I suggest to all Salaried People, not to Depend upon Govt's Pension Schemes and Make the their savings and plan to Develop their Assets / Funds for their Retired Life.
This is my Personal View.... Let the Financial Experts can give their views...
PK Sethi
From India, Delhi
With reference to your reply , I would like to Inform that My Pension has increase from Rs645/- per Month to Rs 760/- .
Not to Minimum of Rs 1000/- as declared by Govt.No Intimation about Increase or How the New Fixation has been Done, has been received. If there are some other Calculation Method then I Fail to understand, why Govt. ( Political Leaders) Declare the Minimum Pension of Rs 1000/- when the EP Pension Office has to follow different Rules.
Pl note that I had worked in a PSU for 36 Years and paying my contribution to Fund for 36 Years... and I had been getting Rs 645/ pm for the last 12 years. I had been a big losers because the the Change in Scheme in 1995.
The Value of Money in the Years when I paid the contribution was 10 to 20 times the the Value today.
.
As per the scheme, the Govt is not Paying the Pensioner the due Returns. Pensioner are getting cheated.
Pension Schemes by LIC or other Insurance Schemes are also similar...
I suggest to all Salaried People, not to Depend upon Govt's Pension Schemes and Make the their savings and plan to Develop their Assets / Funds for their Retired Life.
This is my Personal View.... Let the Financial Experts can give their views...
PK Sethi
From India, Delhi
Dear Mr. Sethi,
It is surprising that you have got 740( previous 645). Are you a member of EPF or covered under your PSU pension scheme? In that case this increase is the the increase in DA announced.
The amendments are applicable to EPF pensioners. Your grievances are the grievance of crores of pensioners across the country, and the irony is that the scheme was amended by the economist prime minister when he was FM.
Unions had fought a case & lost. May be unions have to take a re look & file a PIL.
From India, Thane
It is surprising that you have got 740( previous 645). Are you a member of EPF or covered under your PSU pension scheme? In that case this increase is the the increase in DA announced.
The amendments are applicable to EPF pensioners. Your grievances are the grievance of crores of pensioners across the country, and the irony is that the scheme was amended by the economist prime minister when he was FM.
Unions had fought a case & lost. May be unions have to take a re look & file a PIL.
From India, Thane
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
EPF LIMIT INCREASED NOTIFICATION (1).pdf