Eps 95 pension latest news today

Eps 95 pension latest news today:

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In Government, if any rule is “applied” for some time and later modified and when the modified rule has been implemented the word “substituted” is used. In the Employees’ Provident Funds & Miscellaneous Provisions Act, of 1952, we always find the word “substituted” whenever there is a modification in the rule.

Examples:

1) In case of reduction in “Multiplication (Interest) Factors” as per Table “B” of EPS,’95 w.e.f. 10-06-2008 and when the revised Table “B” is published, in the footnote there is mention of:

40. Substituted by G.S.R. No: 438(E), Dated: 09-06-2008 (w.e.f. 10-06-2008)

According to the above “Substitution” in case of those who attained 58 years on or before 09-06-2008, “Old Multiplication Factors” was applied and for those who attained 58 years on or after 10-06-2008 are applied reduced ‘New Multiplication Factors”.

Suppose for some reason or the other the Pension of an Employee (example) who attained 58 years on 10-05-2008 and his Pension is still to be sanctioned as on this date i.e., 6th January 2023. If the EPFO sanctioned his Pension on the 7th of February, 2023 (example) due to clearance of hurdles which hindered the sanction of Pension in his case, “Old Multiplication Factors” is applied which were prevailing up to 09-06-2008 because the Date of attaining 58 years is 10-05-2008.

 Another Example:

Two years Weightage is allowed to those who have contributed under the Employees’ Pension Scheme, 1995, for 20 years irrespective of the Date of attaining 58 years previously which is the rule framed when the Scheme was introduced.

Later the Contributory Service under the Employees’ Family Pension Scheme, 1971 (01-03-1971 to 15-11-1995/24 years, 8 months and 15 days) was also included.

The above Provision was “substituted” duly putting the condition that the Employee must also attain the age of 58 years simultaneously in the year 2008.

When the decision to include the Contributory period under EFPS,’71 was taken vide Ministry of Labour & Employment, Government of India vide its Communication No: S.65015/I/2013-SS-II, Dt: 06-07-2016, the two years weightage was added to lakhs of Pensioners who took Voluntary Retirement, especially from Public Sector Undertakings, in a phased manner who took Voluntary Retirement before the modification of the rule in 2008 which limited the benefit which includes attaining the age of 58 years also. Thus two years weightage is added, when there is also a “substitution” for the provision since 2008, in the case of those who took Voluntary Retirement before the “substitution for the rule”.

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In the same way, the Judgement of Sri R. C. Gupta & Others delivered on 4th October 2016 was implemented vide Circular dated: 23rd March 2017 in the case of 21,229 Employees the list of which was submitted to the Hon’ble Supreme Court also. Then the Central Provident Fund Commissioner (Sri P. V. Joy) even submitted a “Sworn Affidavit” to the Hon’ble Supreme Court for implementation of the judgement of Sri R. C. Gupta. More to this the then Minister for Labour and Employment, Sri Bandaru Dattatreya, answered in Parliament to a question of an MP that the Judgement is being implemented.

Thus the Circular of 23rd March, 2017 is certain to be in force till 28th of December, 2022, when it was “Substituted” by Circular No: Pension/2022/54877/15149, Dt: 29-12-2022. 

The Circular of 29th December 2022 is based on the Judgement of 4th November 2022.

The Circular of 23rd March 2017 is based on the Judgement of Sri R.C. Gupta & Others, which was already implemented in the case of 21,229 Employees the list of which was already submitted to the Hon’ble Supreme Court. 

Thus:

1) Circular of 23rd March 2017 is to serve its purpose from 23-03-2017 to 28-12-2022.

2) Circular of 29th December 2022, is to serve its purpose from 29th December 2022, irrespective of the fact to whom this Circular benefits.

This is because both Circulars were issued based on Court Judgements and in the case of the former (23-03-2017), it was implemented in the case of 21,229 Employees and is still to be implemented to the Employees who attained 58 years on or before 31-08-2014 irrespective of whether they are from Exempted or Unexempted Establishments.

EPFO may say that it has powers to alter the rates and benefits as per 1) Para No: 7 (Modification of Scheme) of the EPF & MS Act, 1952 and Para No: 32 (Valuation of the Employees’ Pension Fund and review of the rates of contributions and quantum of the pension and other benefits) and Rule 10 of Schedule III of the Act (The scale of pension and pensionary benefits and the conditions relating to grant of such benefits to the employees.

But among the above three, the other two must be in the framework of Para No: 7 (Modification of the Scheme) which was first implemented. Further, there is a Clause in this Para “, however, that any modification or annulment shall be without prejudice to the validity of anything previously done under that notification”.

Thus Employees who attained 58 years on or before 31-08-2014 irrespective of whether they are from Exempted or Unexempted Establishments must be extended the benefit of Circular of 23rd March, 2017 as on today and even after.

G. Srinivasa Rao, Mobile No: 89851 72459

1 thought on “Eps 95 pension latest news today”

  1. As Mr Srinivasa Rao is given the statement of rules and regulations of epfo with respect to recent judgement by SC. Finally by giving all the details of act and other formalities by EPFO whether the Pensioners will get some benefit f higher pension. Since most of the pensioners are not even know about the EPS pension details. For example in our chennai city alone still the renewal of life certificate is not done full of 100%.So on behalf of Pensioners who are not aware of the rules and details of judgement must be informed after final solution arrived by EPFO. If the EPFO give the correct procedure they will do the final work to fill and get signed from their employers. If Ane one hurt of above mentioned kindly excuse me.
    Thanks

    Reply

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