Eps 95 pension latest news today

Eps 95 pension latest news today:

1) Role of Employer in case of Joint Option in case of Employees who attained 58 years before 3rd November 2022, but continuing in service due to a rise in the retirement age to 60 or 62 years:

Answer: Here the Employer has already contributed on Full Wages to the Provident Fund Account till the Employee attained 58 years and out of the Employer’s Contribution only a maximum of 417/- (8.33% of 5,000/-), 541/- (8.33% of 6,500/-) and 1,250/- (8.33% of 15,000/-) was remitted to P.F. Commissioner. The remaining amount is still lying in the Employer’s Contribution part of the P.F. Account of the Employee. Now the difference of 8.33% between the Ceiling and Full wages is to be transferred to P.F. Commissioner from the P.F. Account of the Employee by the Exempted Trust. 

2. In the case of Employees who are on rolls as of 04-11-2022 and going to attain 58 years in the future say in 2024, 2025, 2030.

Answer: In this case, the Employer contributed Full Wages till now and he still has to contribute every month till the Employee attains the age of 58 years. Hence the Joint Option carries more weight in this case because the Employer may refuse to contribute to Full Wages in the future which is within the period the Employee attains 58 years for any reason.

Example: 

Date of Birth………………………………..01-01-1972

Date of Joining…………………………….01-07-1999

Date of attaining 58 years…………….31-12-2029

Here Employer contributed on Full Wages only up to 31-12-2022 and he has yet to contribute for the remaining period of 01-01-2023 to 31-12-2029 i.e., for another 7 years. Hence here the Joint Option of Employee and Employer carries more weight.

Employees who attained 58 years and already retired:

Here the Employer contributed Full Wages till the Employee attained 58 years. Only a maximum of 417/-, 541/- and 1,250/- towards Contributions of EPS,’95 were transferred to P.F.Commissioner and the remaining amount in the Employer’s Contribution along with the Employee’s Contribution taken by the Employee as settlement. Now it is the Employee who has to pay the difference of 8.33% between the Ceiling and Full Wages on his own direct to the P.F. Commissioner. In this case, the role of the Employer is nominal.

Finally, it is the question of submission of Option under Proviso to Para No: 11(3) or under both Proviso to Para No: 11(3) and 11(4) to P.F. Commissioner, in whichever way it is possible i.e., either through Management and in case the Management refuses to forward than through Lawyer or through RTI route. The reach of the Option Form in the Office of the P.F. Commissioner is important that too duly acknowledged. 

EPS95 Pension Latest News

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G. Srinivasa Rao, Mobile No: 89851 72459 & Mobile No: 86398 71817

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