Dear friends,
I also agree with Ashok Reddy regarding EDLI benefit. Apart from this, there are errors in paragraphs F, L, M & N.
1. In Para F, it is stated that Those who want to contribute above Rs.15,000/ for pension fund will have to shell out 1.16% additional contribution on the amount in excess of Rs.15,000/ from employees share & give declaration (both employer & employee) to that effect within 06 months from the date of this notification failing which any additional contribution made above Rs.15,000/ to pension fund would be diverted to EPF fund & will be given the interest as declared from time to time."
EPFO has stated that from 01.09.2014 on wards there will not be any provision to opt to contribute beyond ceiling limit to EPS. Those who already opted this provision before 31.08.2014 will only come under the purview of this clause .
2. As per Para L," If the service is below 10 years of service & has not attained the age of 58 years, can withdraw the pension amount or obtain certificate to that effect & resume the count of service in future, if the employee joins for the employment service covered under EPF&MP Act,1952".
There is no significance on age to get withdrawal benefit. If the service is 10 years or more, member will be entitled to get pension, other wise withdrawal benefit can be availed regardless of age.
3.As per Para M, "Pensionable salary up to 31st Aug’14 will be Rs.6,500/ thereafter it will be Rs.15,000/ till further amendment."
After 31st Aug 2014 pensionable salary will be in between 6500 and 15000 till July 2019. When a member complete 60 months (i.e Sept 2014 to Aug 2019) after 01.09.2014, then only pensionable salary will be 15000.
4. As per Para N, "If the Employee’s Pension contribution is restricted to Rs.15,000/ then the maximum pension at the age of 58 years shall not be more than Rs.15,000/ p.m as on date. Hitherto it was Rs.6,500/ p.m."
The cap is not on pension amount but pensionable salary. For those contribute on ceiling salary of 15000, there should be 68 years' service to get a pension of 15000. This is impossible.
Abbas.P.S
ITI Ltd.,
PALAKKAD.