KNOW ALL ABOUT : EPS
Along with Employees' Provident Fund (EPF), Employee Pension Scheme (EPS) is a part of the EPF organisation (EPFO) which is supposed to take care of an employee's pension needs. To know more about EPS, check out the following ET articles.
From August 1, EPF contributions will be deducted at 12 per cent
The Employees' Provident Fund (EPF) monthly contributions were reduced from 12 per cent to 10 per cent as a part of ...
Who can join Employee Pension Scheme and who can't
The rules regarding the joining of Employees Pension Scheme (EPS) by an employee was amended by the government via a notification ...
EPFO disburses Rs 868 crore of pension along with Rs 105 crore arrears for commutation
The government, had, in February this year notified the restoration of full pension after 15 years of retirement for pensioners who have commuted part of their pension at the time of retirement.
EPF contribution at 10% likely to push up your take home by only 1-2%
As per the analysis, a 4% gross increase of basic wages due to reduction in EPF contribution to 10% for both employers and employees for May, June and July 2020 may not make a material difference to an employee.
Reduced EPF contribution: 16 questions answered by EPFO
The reduction in EPF contribution to 10 per cent from 12 per cent was announced by Finance Minister Nirmala Sitharaman as a part of the Atmanirbhar Bharat Package to provide some relief to employers and also to increase the take-home pay of the employees.
Advance pension amounting to Rs 764 crore under EPS disbursed in April: EPFO
"All 135 field offices of EPFO processed pension payment for April, 2020 in advance to avoid inconvenience to pensioners on account of nation wide Covid-19 lockdown," EPFO said in a statement.
Withdrawing money from EPS account: All you need to know
The Employees' Provident Fund (EPF) corpus also has a pension component in the Employees' Pension Scheme (EPS) account. Here is a look at when you are eligible to withdraw money from pension account and how you can withdraw it.
EPFO directs field offices to timely credit pension to 65 lakh EPS beneficiaries
Retirement fund body EPFO on Monday said it has issued directions for timely credit of monthly pension to over 65 lakh employees' pension scheme (EPS) beneficiaries amid the coronavirus outbreak.
Coronavirus impact: EPFO asks for timely credit of monthly pension to EPS pensioners
The Central Provident Fund Commissioner has directed the field offices of EPFO to generate and reconcile pensioners' details and pension amount statements for the current month by 25th March 2020.
EPS pensioners can submit their life certificate any time during the year
Remember this decision of EPFO is applicable to only those pensioners who are covered under the Employees' Pension Scheme, 1995, i.e. non-government pensioners covered under Employees Provident Fund Scheme during their working years.
Govt notifies higher pension for 6.3 lakh EPS pensioners who opted for commutation
As per EPS rules, an EPFO member who retired before Sept 26, 2008, could get maximum one-third of his/her pension as lump-sum i.e. commuted pension and remaining two-thirds was paid as monthly pension to an employee for his/her lifetime.
What happens to your EPS account when you transfer your EPF account?
According to EPF rules, 8.33 percent of the employer's contribution is diverted towards EPS account.
Currently there are 4.5 crore active EPFO members: Labour minister
“The number of active members under EPFO, at present, are 4,50,60,972 (contributing UANs of last three wage months viz. August, 2019 to October, 2019)," said labour and employment minister Santosh Kumar Gangwar .
Got EPF account related problem? Here's how to file a complaint
If you have a grievance related to your PF account like withdrawal, transfer and so on, then EPFO has a dedicated website called 'EPF I Grievance Management System' where you can file such complaints. You can also file them if you do not have UAN.