Eps 95 News Today

There have been reports that EPFO has adopted a new rule for calculating higher EPS pension for members who have retired on or after September 1, 2014. As per reports the services period is getting divided into two parts and pension is calculated on pro rata basis which is likely to result in reduced pension for these members.

Presently, pensioners under EPS-95 of the Employees Provident Fund Organisation (EPFO) get a minimum monthly pension (entitlement) of Rs 1,000, as per rules implemented in September 2014.

Pensioners covered by the Employees Pension Scheme 1995 (EPS-95) are planning a hunger strike to demand an increase in their minimum monthly pension to Rs 7,500, up from the current Rs 1,000 set in September 2014. Despite assurances from the Union Labour Minister, discontent remains, prompting the National Agitation Committee to announce a second indefinite hunger strike at Jantar Mantar in New Delhi. Over 50,000 pensioners may join the protest if their demands are not met by January 31, with di...

Pensioners under the Employees Pension Scheme 1995 (EPS-95) demonstrated at 110 offices of the Employees Provident Fund Organisation (EPFO) across India, urging for a minimum monthly pension of Rs 7,500 plus dearness allowance. Presently, the minimum monthly pension is Rs 1,000, initiated from September 1, 2014.

EPS 95 is one of the very few options that gives life long assured income to salaried employees in private sector after their retirement. However, many times people have retire early either voluntarily or due to some compulsion. Can they get early pension in EPS 95? If yes then what are the conditions and how should they decide if they should go for it or not.

If an EPS member dies after retirement surviving spouse gets a pension which is typically 50% of what the member was getting. However, what happens when the EPS member dies before the age of retirement? Will the surviving spouse get a lumpsum amount or immediate pension or whether he or she will have to wait till the retirement age of the member to receive pension.

The last date for higher pension application is 26 June unless it is extended by EPFO. EPFO has largely addressed many concerns of the eligible members and issued clarification on many other issue. However, the most critical issue for most of the members is whether it will be an advantageous option or not. While the impact of higher pension will vary these six factors will help you to assess your situation better.

The EPFO circular clarifies eligibility conditions for employees to get higher pension and how they can apply for it online.

According to the rules, EPS pensioners can now submit DLC whenever it suits them during the year.

EPFO is thinking of coming out with a new pension product for organised sector workers who are getting basic wages of more than Rs 15,000 per month