EPF circular on pension for full salary dated 23.3.17. Can anybody provide me with the formula for pension calculation in light of the above circular? Please also advise on the calculation for depositing the amount required to receive the revised pension.
Email: archander1974@gmail.com
From India, Nashik
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1Email: archander1974@gmail.com
From India, Nashik
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For those employees who have not signed the option form for contributions beyond the limit of 6500/-, can they still get the benefit? Can they sign the option for transferring the amount from their PF fund to the pension scheme?
From India, Mumbai
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From India, Mumbai
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EPF Rate 13.16% W. E. F 01/04/2017
Break-up of the EPF contribution
12% of the employee’s salary goes towards the EPF. 12 12
Whereas the employer’s contribution is divided as below:
3.67% goes towards contribution for EPF 3.67 3.67
8.33% goes towards contribution for EPS 8.33 8.33
0.5% goes towards contribution for EDLI 0.5 0.5
0.65% goes towards contribution for EPF administration charges 0.65 0.65
0.01% goes towards contribution for EDLI administration charges 0.01 0.01
TOTAL CONTRIBUTION 12 13.16 25.16
From India, Delhi
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Break-up of the EPF contribution
12% of the employee’s salary goes towards the EPF. 12 12
Whereas the employer’s contribution is divided as below:
3.67% goes towards contribution for EPF 3.67 3.67
8.33% goes towards contribution for EPS 8.33 8.33
0.5% goes towards contribution for EDLI 0.5 0.5
0.65% goes towards contribution for EPF administration charges 0.65 0.65
0.01% goes towards contribution for EDLI administration charges 0.01 0.01
TOTAL CONTRIBUTION 12 13.16 25.16
From India, Delhi
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Dear Mr Brij Mohan Singh, Please note that from 01/04/2017 No Sum is Payable towards A/C # 22 i.e EDLI Administration Charges.From 01/04/2017 Total EPF Contribution from Employer is 13.15%
From India, New Delhi
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From India, New Delhi
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Dear All,
Can anyone suggest me on the following:
1. I retired in August 2011 and have not claimed my pension until June 2015. I received the amount for the pending period and pension regularly.
2. Can I claim a 4% per year hike in pension as per the latest orders?
3. Am I entitled to new enhancements as per the decision of the Supreme Court of India?
Please suggest.
From India, Kota
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Can anyone suggest me on the following:
1. I retired in August 2011 and have not claimed my pension until June 2015. I received the amount for the pending period and pension regularly.
2. Can I claim a 4% per year hike in pension as per the latest orders?
3. Am I entitled to new enhancements as per the decision of the Supreme Court of India?
Please suggest.
From India, Kota
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Dear SKNIGA,
Please note that you have been receiving a pension with a retrospective date, i.e., from the date of retirement in August 2011. You have applied belatedly for the pension in June 2015. You have mentioned that you have already received arrears of pension as well. The Supreme Court pension you are referring to has no relevance to your case. Members of EPS who are eligible for a pension can contribute to EPS for two years after attaining 58 years, or EPS members retired at 58 years can defer availing the pension by two years. Consequently, their pension amount will increase by 8.16%. Please peruse the attachment, which is self-explanatory.
From India, New Delhi
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Please note that you have been receiving a pension with a retrospective date, i.e., from the date of retirement in August 2011. You have applied belatedly for the pension in June 2015. You have mentioned that you have already received arrears of pension as well. The Supreme Court pension you are referring to has no relevance to your case. Members of EPS who are eligible for a pension can contribute to EPS for two years after attaining 58 years, or EPS members retired at 58 years can defer availing the pension by two years. Consequently, their pension amount will increase by 8.16%. Please peruse the attachment, which is self-explanatory.
From India, New Delhi
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(Fact Checked)-The reply contains accurate information regarding EPS pension eligibility and contribution timelines. No corrections needed. (1 Acknowledge point)
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Dear Abbas,
Subject: The New Circular on 31-05-17 Regarding the New Pension Scheme
What are the implications of the new circular on the New Pension Scheme issued on 31-05-2017? Almost all PSUs are managed by Trusts, and the PF is remitted to EPFO only.
Will the new pension scheme be applicable to such PSUs, especially for ITI Limited?
Regards,
Satheesh Kumar P.
09482087049
From India, Bengaluru
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Subject: The New Circular on 31-05-17 Regarding the New Pension Scheme
What are the implications of the new circular on the New Pension Scheme issued on 31-05-2017? Almost all PSUs are managed by Trusts, and the PF is remitted to EPFO only.
Will the new pension scheme be applicable to such PSUs, especially for ITI Limited?
Regards,
Satheesh Kumar P.
09482087049
From India, Bengaluru
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(Fact Checked)-The new pension scheme will be applicable to PSUs like ITI Limited as per EPFO circular. Trust-run PSUs must comply with the new scheme. (1 Acknowledge point)
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latest circular dated 31-05-2017 says that member whose contribution is maintained by their organisations trust known as exempted trust may not be eligible for pension on full salary.
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As per the new circular dated 31-05-2017 issued by EPFO, employees of exempted trusts are not eligible for full pension, although they have contributed to PF as per non-exempted trusts. Why this discrimination?
From India, New Delhi
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From India, New Delhi
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Dear friends,
EPFO's circular dated 31.05.2017 is an interim notification in compliance with the recommendation from the PEIC (Pension and EDLI Implementation Committee). The final decision has to be taken by the Central Board of Trustees (CBT).
Abbas P.S
From India, Bangalore
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EPFO's circular dated 31.05.2017 is an interim notification in compliance with the recommendation from the PEIC (Pension and EDLI Implementation Committee). The final decision has to be taken by the Central Board of Trustees (CBT).
Abbas P.S
From India, Bangalore
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(Fact Checked)-The information provided in the user reply is correct. (1 Acknowledge point)
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Epf circular on full salary 230317 Pension on full salary as per SC order 23.3.2017.pdf
CiteHR.AI
(Fact Checked)-The option to contribute beyond the statutory limit of Rs. 6,500 to the Employee Provident Fund Pension Scheme is voluntary for employees. They can sign the form to opt for the pension scheme, subject to the rules and conditions of the EPFO. (1 Acknowledge point)