Hi there,
I want to know about the eps scheme. I have register a new employee on EPFO portal and the employee is having a basic salary 21000. Now when i am uploading the ECR the validation got failed. The statement said by EPFO that the employee is not eligible for the EPS scheme. EPS should be Zero. As we are already paying the EPS for those whose basic is above 21000. I need your valuable suggestions on this.
Regards
From India, Panipat
I want to know about the eps scheme. I have register a new employee on EPFO portal and the employee is having a basic salary 21000. Now when i am uploading the ECR the validation got failed. The statement said by EPFO that the employee is not eligible for the EPS scheme. EPS should be Zero. As we are already paying the EPS for those whose basic is above 21000. I need your valuable suggestions on this.
Regards
From India, Panipat
There is a circular from EPFO No. Actuarial/18(2)2008/Vo.III/7738 dated 29.08.2014 wherein at point no.8 it is clearly mentioned that As EPS will henceforth apply only to EPF members whose salary pay at the time of becoming PF member is not more than 15,000/-.......................................
Unfortunately many organization including Regional PF office employees are not aware about the circular. Earlier many organizations had been deposited EPS contribution though the employees were not eligible. Now at EPFO system will not allow to deposit the same as it happened in your case.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
USD HR Solutions
From India, New Delhi
334Unfortunately many organization including Regional PF office employees are not aware about the circular. Earlier many organizations had been deposited EPS contribution though the employees were not eligible. Now at EPFO system will not allow to deposit the same as it happened in your case.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
USD HR Solutions
From India, New Delhi
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EPS Scheme 1995.pdf
EPS.DETAILS OF PENSION SCHEME.docx