Explanation of EPS 95 Scheme Benefit for Retirees in Exempted Establishments
The issue regarding the eligibility of retirees who worked in exempted establishments from 16.3.1996 to 31.8.2014 for a higher pension under the EPS 95 scheme, specifically in light of the Supreme Court's judgment in the RC Gupta case, is crucial. The EPFO Circular 31.5.2017 has been a point of contention on this matter.
Understanding the Situation:
- The EPS 95 scheme provides pension benefits to employees covered under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
- Exempted establishments have their own provident fund trusts and are exempt from the EPF scheme but are required to provide benefits at par or better than those under the EPF scheme, including the EPS 95 pension.
Clarification on the Supreme Court Judgment:
- The Supreme Court judgment in the RC Gupta case recognized the right of employees to a higher pension based on various factors.
- However, the EPFO Circular 31.5.2017 seemingly restricts this benefit to retirees from exempted establishments during the specified period.
Practical Steps for Retirees:
1. Review the specific terms and conditions of the EPS 95 scheme pertaining to retirees from exempted establishments during the mentioned period.
2. Seek clarification directly from the EPFO or legal experts familiar with labor laws to understand the implications of the Supreme Court judgment and the circular issued.
3. Consider any legal recourse available if there is ambiguity or disparity in the interpretation of the judgment and circular.
Conclusion:
Given the complexity of the interaction between the Supreme Court judgment, the EPFO Circular, and the EPS 95 scheme, retirees from exempted establishments are advised to seek personalized legal advice for a clear understanding of their entitlement to a higher pension.
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