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
Acknowledge(0)
Amend(0)
30From India, Delhi
Acknowledge(0)Amend(0)
Good to know..... plz share the revised contribution rates under epf and epf and edli with admin charges
From India, Surat
Acknowledge(0)Amend(0)
From India, Surat
Acknowledge(0)Amend(0)
I find the increase is in papers only. Old pensioners who were getting less than Rs 1000/- are still receiving the EPF Pension of less than Rs 1000/-. Nobody is clarifying this for new employees who join the scheme after 1st April 2013 or for old pensioners whose pension was sanctioned in 2002-2003. (My pension was sanctioned at Rs 645/- in May 2003, and I have been receiving the same amount until August 2014).
If the increase is for old pensioners to receive an increased pension, what procedures do they have to follow? HR sections take care of current employees, but no HR section contacts retired employees.
From India, Delhi
Acknowledge(0)Amend(0)
If the increase is for old pensioners to receive an increased pension, what procedures do they have to follow? HR sections take care of current employees, but no HR section contacts retired employees.
From India, Delhi
Acknowledge(0)Amend(0)
Dear Mr. Shethi,
New rules are applicable from September 14th. You will start receiving your 1000 from either September or October (depending on the interpretation of effective from September as whether the pension will be received in the first week of September or October). The UPA had recommended this to be effective from April, but 'Ache din aanewala' has postponed it to be effective from September.
You don't have to take any action; EPFO will inform your bank with a copy to you, probably in the form of a new PPO (pension paying order).
From India, Thane
Acknowledge(0)Amend(0)
New rules are applicable from September 14th. You will start receiving your 1000 from either September or October (depending on the interpretation of effective from September as whether the pension will be received in the first week of September or October). The UPA had recommended this to be effective from April, but 'Ache din aanewala' has postponed it to be effective from September.
You don't have to take any action; EPFO will inform your bank with a copy to you, probably in the form of a new PPO (pension paying order).
From India, Thane
Acknowledge(0)Amend(0)
Thank you, friends, for viewing. Please also show appreciation if you find it useful. Kuch Acche din hamare bhi aa jayein.
@Sethi Uncle...Raghavant is right, you have nothing to worry about as you will start receiving your pension in four digits from September '14, which will be paid in October '14.
From India, Delhi
Acknowledge(0)Amend(0)
@Sethi Uncle...Raghavant is right, you have nothing to worry about as you will start receiving your pension in four digits from September '14, which will be paid in October '14.
From India, Delhi
Acknowledge(0)Amend(0)
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 the last 60 months of service instead of the current 12 months. Employers favoring employees by showing a higher salary for the last 12 months of service may stop now.
From India, Thane
Acknowledge(0)Amend(0)
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 the last 60 months of service instead of the current 12 months. Employers favoring employees by showing a higher salary for the last 12 months of service may stop now.
From India, Thane
Acknowledge(0)Amend(0)
Dear Sir,
With reference to your reply, I would like to inform that my pension has increased from Rs 645/- per month to Rs 760/-, not to a minimum of Rs 1000/- as declared by the government. No intimation about the increase or how the new fixation has been done has been received. If there is some other calculation method, then I fail to understand why the government (political leaders) declare the minimum pension of Rs 1000/- when the EP Pension Office has to follow different rules.
Please note that I had worked in a PSU for 36 years and had been paying my contribution to the fund for 36 years. I have been receiving Rs 645/- per month for the last 12 years. I have been at a disadvantage due to the change in the scheme in 1995. The value of money in the years when I paid the contribution was 10 to 20 times the value today.
As per the scheme, the government is not paying the pensioners the due returns. Pensioners are getting cheated. Pension schemes by LIC or other insurance schemes are also similar.
I suggest to all salaried people not to depend upon the government's pension schemes and make their savings and plan to develop their assets/funds for their retired life. This is my personal view. Let the financial experts give their views.
PK Sethi
From India, Delhi
Acknowledge(0)Amend(0)
With reference to your reply, I would like to inform that my pension has increased from Rs 645/- per month to Rs 760/-, not to a minimum of Rs 1000/- as declared by the government. No intimation about the increase or how the new fixation has been done has been received. If there is some other calculation method, then I fail to understand why the government (political leaders) declare the minimum pension of Rs 1000/- when the EP Pension Office has to follow different rules.
Please note that I had worked in a PSU for 36 years and had been paying my contribution to the fund for 36 years. I have been receiving Rs 645/- per month for the last 12 years. I have been at a disadvantage due to the change in the scheme in 1995. The value of money in the years when I paid the contribution was 10 to 20 times the value today.
As per the scheme, the government is not paying the pensioners the due returns. Pensioners are getting cheated. Pension schemes by LIC or other insurance schemes are also similar.
I suggest to all salaried people not to depend upon the government's pension schemes and make their savings and plan to develop their assets/funds for their retired life. This is my personal view. Let the financial experts give their views.
PK Sethi
From India, Delhi
Acknowledge(0)Amend(0)
Dear Mr. Sethi,
It is surprising that you have 740 (previously 645). Are you a member of EPF or covered under your PSU pension scheme? In that case, this increase is the increase in DA announced. The amendments are applicable to EPF pensioners. Your grievances are the grievances of millions 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 and lost. Maybe unions have to take a relook and file a PIL.
From India, Thane
Acknowledge(0)Amend(0)
It is surprising that you have 740 (previously 645). Are you a member of EPF or covered under your PSU pension scheme? In that case, this increase is the increase in DA announced. The amendments are applicable to EPF pensioners. Your grievances are the grievances of millions 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 and lost. Maybe unions have to take a relook and file a PIL.
From India, Thane
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
EPF LIMIT INCREASED NOTIFICATION (1).pdf