EPF Pension Good News: There is good news for the customers of Employees’ Provident Fund Organization. With the decision of the Supreme Court, there can be an increase in the pension of employees by at least Rs 8500 in the Employee Pension Scheme. Know how much the salary of these EPFO central employees will increase with this decision of the Supreme Court!
Employees’ Provident Fund Organization has fixed a limit of Rs 15000 on the basic salary of lakhs of employees working in the private sector and on the basis of this the Employees’ Pension Scheme is calculated. . But after this decision of the Supreme Court, this limit will be removed and the pension will be calculated as Rs 20000 instead of Rs 15000. If this happens, then the monthly pension of EPFO employees can be increased by at least Rs 8500.
This is the new rule (EPFO New Update)
Employees’ Provident Fund Organization has fixed a limit of Rs 15000. If the basic salary of an employee is Rs 50,000 and he wants to calculate his Employee Pension Scheme pension of Rs 50,000 only, then he cannot do so. This is because there is a limit of Rs 15,000 from EPFO.
Pension will increase after the end of the salary limit ( Employees’ Provident Fund Organization )
Hearing is going on in the Supreme Court regarding this matter. If the Supreme Court removes the salary limit, then the Employees’ Provident Fund Organization can also be calculated at the highest level. If the basic salary of EPFO employees is more than Rs 15000 then PF money will be deducted at the highest level. With the decision of the Supreme Court, employees will get the benefit of manifold Employee Pension Scheme pension.
EPF pension increased, know this whole matter: EPF Pension Good News
The Employees Pension Revision Scheme was notified by the Central Government on 1st September 2014. At that time, EPFO employees in the private sector opposed it. On this the Employees’ Provident Fund Organization filed an SLP in the Supreme Court. Thereafter, the Supreme Court decided to hear the matter. On 1 April 2019, while hearing the SLP of EPFO, it said that the employees who are contributing Employee Pension Scheme on the basis of their actual salary, they are depositing it with their company in the form of joint option.
EPF Pension News: How much will the pension increase
- If the salary of an employee is 20 thousand rupees. According to the pension formula, the pension will be Rs 8,571 instead of 7500.
- EPS calculation formula = Monthly Pension = (Pensionable Salary x EPS Contribution) can be checked. That is, there can be a direct increase of 300% in the pension.
EPFO Latest Update
Employee Pension Scheme of EPFO was started in 1995. According to the EPFO, if an employee dies while in service, it is up to the candidate’s parents who are the sole breadwinners of his family. So in such cases he gets lifelong pension under EPS 95 rule. However, Employees’ Provident Fund Organization candidates must have completed at least 10 years of service in it. Along with this, if the employee becomes physically handicapped due to any disease during the job, then in that case those employees will also get the benefit of lifelong pension.
How Employee Pension Scheme works
The Employees’ Pension Scheme, often referred to as EPF pension, is a social security scheme administered by the Employees’ Provident Fund Organization. Enabled both EPFO members to participate.
Employees’ Provident Fund Organisation
Both the contracting parties contribute 12% of the salary of the EPFO employee to the EPF. Every month, the entire employee’s share is donated to the EPF, 8.33% of the employer’s share is donated to the Employee Pension Scheme, and 3.67% is contributed to the EPF. There is good news of Employees’ Provident Fund Organization!
