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How to get enhanced pension for in service employee?
How to get enhanced pension for in service employee? how much one needs to contribute as per recent sc order? any specific formula for self contribution as per recent paysalaryda? what if the employee is not not paying salary as per current da rates of 139? is current deduction of 1800/ by employer and 1800/ by employee towards pension in my case justified? submitted a letter for enhanced pension to regional pf commissioner 1520 days before but no response is received. please provide necessary guidance in this regard
Pension
I am working in private firm since 1981 and attaining superannuation in june 2015 after completing 34 years. from join and till date my as well as my employer contribution is on full salary and pension contribution was also on the full salary not on rs.6500/ ceiling. my past twelve month salary average will be around rs.51000/ . as on 16.11.1995 my salary is rs.2750/. please let me know how pension i will receive. my dob is 5 june 1957.
Pf department has not considered my request for calculation of pension on full salary
I joined in a company may 1997. since then the company has been deduction and remitting pf on the full amount of salary i.e. above rs.6500/rs15000/. i became eligible for pension in february 2018. i applied for pension on full salary with a request to adjust amount from my pf account if required in terms of supreme court order in case of r.c gupta slp no.33032 33033 of 2015. the necessary forms for this were submitted duly signed by the employer and myself. the department has not considered my request for calculation of pension on full salary and calculated pension on rs.6500/ / rs.15000/. what course of action is suggested for getting pension on full amount old salary?
Enhanced pension on actual salary not on ceiling salary, final verdict by sc
In view of the sc verdict reported in toi today which finally throws out all the delaying tactics of epfo & govt what is the action to be expected? to be logical epfo should on it s own calculate the arrears to be paid & the pension expected to all the pensioners & ask their consent for paying arrears to receive higher pension. today epfo is asking for details from pensioners & want it o be certified by employers which is practically impossible for people who have retired long back & who have changed jobs a few times. some of the employers must have vanished. above all epfo has all the data available with them based on which they calculated the pension & returned the eps contribution paid above ceiling salary. unfortunately epfo is so much nontransparent they don t even intimate how they have arrived at the pension amount & epf accumulation amount. i suggest all pensioners write to their regional epf offices siting their ppo no pension paying order asking epfo to intimate the arrears to be paid & expected enhanced pension & pension arrears. all the circulars which epfo has issued to their regional offices urging regional offices to disburse enhanced pension have been so far withdrawn within days / months of issue. don t just wait for epfo s so called prescribed forms. toi report dated 02/04/2019 attached.
Epf, pension and edlis limit enhanced
Friends the epf pension scheme and limit enhanced from 1st september 2014 as per the recent notification attached herewith.
Update on epfo’s higher pension scheme 2023
Dear all the epfo has issued a circular to implement the sc ruling. the circular issued on february 20 2023 attached in mail lays down this procedure. employees who were members of epf before september 1 2014 can apply for higher pension at full basic salary now. but to be eligible they should still be contributing to epf and their employer should have made epf contributions on their full basic pay so far. submit a joint option form with their employer to the regional epf office for higher pension. they also need to consent to allow their past employers contributions at 8.33 per cent of full basic pay to be diverted from their epf account to the governments eps kitty. submit the application on epf member port by may 3 2023. under the new rules you can now contribute 8.33 per cent of actual basic pay towards the scheme which earlier had a capping of rs 15000. this circular is relevant to you only if you have enrolled in the epf before september 1 2014 and are still working. currently your pension after retirement will be calculated based the formula: pensionable salary 60 month average salary x pensionable service/70. your pensionable salary in the above formula would have been capped at ₹15000/month. but if you now opt for a higher pension based on your actual pay basic salary the pensionable salary in the above formula will be much higher. this can give you a higher governmentguaranteed pension after retirement. but do note that opting for higher pension comes with a tradeoff. it will mean part of your epf balances accumulated so far with interest will be permanently transferred to the centres eps kitty. this will mean a lower lumpsum pay out to you at retirement. it means a higher pension contribution reduces the epf lumpsum corpus that you get on retirement. epfo has introduced a new procedure that allows subscribers and their employers to jointly apply for a higher pension under the employees' pension scheme he epfo vide circular dated 20 february 2023 acknowledged that the employees who satisfy the following conditions along with their employers may submit joint option application with the epfo under the pension scheme to avail higher pension. the epfo order said that existing employees and those who were members of eps as on september 1 2014 can claim higher pension based on actual basic salary beyond the prescribed ceiling in the eps of 1995. the employees provident fund organisation epfo has come out with new guidelines for employees to opt for higher pension. if they fail to follow epfo s new procedure they might end up in getting lesser pension. the deadline to apply for higher pension under eps was may 3 2023 as mandated by the supreme court judgement. your expert suggestion on this. regards