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.
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...
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 web...
EPS-NPS switch shelved as trade unions object
Minutes of the meeting are yet to be issued, which will have to be approved by the secretary before the government’s stand becomes official. The government had in the Union Budget 2015-16 gave option to EPFO subscribers to opt for NPS. The move triggered massive protests from trade unions.
EPF Nomination Rules: Getting married makes your EPF, EPS nomination invalid
As per EPF scheme rules, once you get married the previous nomination made by you automatically becomes invalid in your PF and EPS account.
Govt plans to amend EPF: Allow switch from EPS to NPS, protect PF dues in case of bankruptcy
Here is a look at the three major changes proposed in the EPF Act as per the draft bill.
EPFO approves changes in Employees' Pension Scheme to restore commutation of pension
The move would benefit the pensioners who had opted for commutation and got a lump-sum amount at the time of retirement before 2009.
EPFO may move Supreme Court against high pension
Officials argue that monthly contribution to EPS is too low and will not be able to sustain higher pension.
NPS funds seek stable growth, don’t chase spectacular returns: Hemant Contractor, PFRDA
"We are looking for stable growth, not spectacular returns. In the search for higher returns, we should not dilute the investment norms."
Factors you should consider before opting for higher pension under EPS scheme
Weigh in factors like your tax slab, salary growth trajectory and trust in the EPFO before you decide.
SC ruling on higher pension from EPFO may pave way for you to become EPS member
Going forward, the pension may be calculated on the basis of average salary of last 12 months.
How you can get a higher pension from EPFO post SC ruling
Under EPS you will get pension based on the number of years in service and your last drawn salary.
SC clears path for pension to rise manifold for employees in all firms
The Supreme Court's decision has come in the wake of the special leave petition filed by the EPFO against Kerala High Court judgement.
EPFO pensioners to get pension calculation statement: Move aimed at reducing grievances
This would lead to greater transparency and enable the pensioners to detect errors in calculation, if any and get them corrected faster.
EPFO withdraws circular relaxing rules for payment of higher pension to eligible EPS members
This has been done to smoothly implement the orders of the SC on paying pension to employees on the basis of higher contributions made earlier on the basis of actual salary.