Employee Pension Scheme (EPS) Benefits for Late Joiners
I need information regarding the benefits available to an employee under EPS if he joins a company for the first time in his lifetime and that too at the age of 57 years. I have a case like this and am not able to explain the benefits available under the EPS due to the stipulated conditions of contribution towards EPS (i.e., no contribution after 58 years of age and a minimum of 10 years of continuous contribution to become eligible for pension).
This is a rare case, and I request your opinions and suggestions.
Regards,
N. Mohan
From India, Bangalore
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28I need information regarding the benefits available to an employee under EPS if he joins a company for the first time in his lifetime and that too at the age of 57 years. I have a case like this and am not able to explain the benefits available under the EPS due to the stipulated conditions of contribution towards EPS (i.e., no contribution after 58 years of age and a minimum of 10 years of continuous contribution to become eligible for pension).
This is a rare case, and I request your opinions and suggestions.
Regards,
N. Mohan
From India, Bangalore
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Dear Mr. N. Mohan,
EPS is statutory, and there is no option other than to join for those becoming a member of EPF. If the member is not eligible to get a pension, he can avail of the withdrawal benefit, provided the member has a service of at least 6 months in EPS.
Our Central Trade Union Leaders are requested to raise the point before the authorities to make necessary amendments to EPS-95 to exclude employees who have no opportunity to avail a pension due to crossing the age.
Abbas P. S
From India, Bangalore
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EPS is statutory, and there is no option other than to join for those becoming a member of EPF. If the member is not eligible to get a pension, he can avail of the withdrawal benefit, provided the member has a service of at least 6 months in EPS.
Our Central Trade Union Leaders are requested to raise the point before the authorities to make necessary amendments to EPS-95 to exclude employees who have no opportunity to avail a pension due to crossing the age.
Abbas P. S
From India, Bangalore
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Dear Mr. Abbas,
Thank you for your immediate response and for sharing your views. I share the same opinion but would like to understand if there are any other benefits for the employee in cases like this.
From India, Bangalore
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Thank you for your immediate response and for sharing your views. I share the same opinion but would like to understand if there are any other benefits for the employee in cases like this.
From India, Bangalore
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Dear Mr.N.Mohan, Either pension or withdrawal benefit are the two benefits available with the EPS-95. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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In the given case, if the basic salary of the member is more than ₹15,000, he can opt out of the EPS Scheme if he has recently joined as per the recent amendments. Obtain Form No. 11 from the member to this effect.
From India, Mumbai
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From India, Mumbai
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Dear Mr.Swetley, His basic salary is within wage limit of PF and covered under the Act. My problem is explaining the benefits available to him under EPS as he is already 57 years old.
From India, Bangalore
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From India, Bangalore
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Since he could be a member for only 1 year or so, withdrawal benefits only are available to him. Since, this is statutory, there is no way out.
From India, Mumbai
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From India, Mumbai
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Dear All,
Due to the recent revision in the wage limit under PF, I believe that at least a few individuals will fall into this category. I am of the opinion that the benefits available under EPS are very minimal in cases like this. Please correct me if I am mistaken. Additionally, I kindly request all of you for your opinions and suggestions.
Thank you.
From India, Bangalore
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Due to the recent revision in the wage limit under PF, I believe that at least a few individuals will fall into this category. I am of the opinion that the benefits available under EPS are very minimal in cases like this. Please correct me if I am mistaken. Additionally, I kindly request all of you for your opinions and suggestions.
Thank you.
From India, Bangalore
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Amendment in Employees Pension Scheme, 1995.pdf
Questionnaire on Effectiveness of Monetary Benefits on Motivation and retention of employees.doc