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In view of the SC verdict reported in TOI today which finally throws out all the delaying tactics of EPFO & Govt, what is the action to be expected? To be logical EPFO should on it's own calculate the arrears to be paid & the pension expected to all the pensioners & ask their consent for paying arrears to receive higher pension. Today EPFO is asking for details from pensioners & want it o be certified by employers, which is practically impossible for people who have retired long back & who have changed jobs a few times. some of the employers must have vanished. Above all EPFO has all the data available with them based on which they calculated the pension & returned the EPS contribution paid above ceiling salary. Unfortunately EPFO is so much non-transparent they don't even intimate how they have arrived at the pension amount & EPF accumulation amount.
TOI report attached.
From India, Thane
TOI report attached.
From India, Thane
Sorry Mr SKhota, I missed out of the discussion at some point of time due to some urgent engagement. I understand that refunding the amount drawn from the PF and adjusting the same from the arrears of pension payable are some technical issues. In EPFO, the wing dealing with PF settlement is separate from the department which processes pension. The officer who has to issue directions to Pension department to start processing Pension based on actual salary should first get the amount withdrawn from PF. Once it is received with interest as applicable (the Supreme Court verdict on pension on actual salary has said some thing about 6% interest payable by the member) he will send the file to Pension department. That is why they are insisting like that. Anyway since the Supreme Court judgement has come, they will again take time to STUDY the issue. Therefore, let us wait a little more.
From India, Kannur
From India, Kannur
The implications of the latest Supreme Court verdict on employees whose PF contributing salary is capped to Rs 15000 need emphasis. Many think that henceforth it will be their actual salary which will be the base for calculating Pension. It is not true. Higher pension applies only to employees of those organisations which contribute PF on actual salary without restricting it to Rs 15000. Please follow the link for more details.
https://madhu-t-k.blogspot.com/2019/...tributing.html
From India, Kannur
https://madhu-t-k.blogspot.com/2019/...tributing.html
From India, Kannur
Iam still working in a ICSE school. My PF contribution is for salary of Rs. 15000. But Iam getting more salary Rs.30000. Whether I need to apply for option of getting pension on actual salary? If yes, then how to execute that option?
From India, Solapur
From India, Solapur
If your employer agrees to pay PF on 30000, ie, Rs 3600 per month as against Rs 1800, then you will also be eligible for higher pension (pension based on Rs 30000).But as pointed out in my blog write up,neither the EPFO nor the employee can demand the employer to contribute his share of contribution on any amount above Rs 15000.
From India, Kannur
From India, Kannur
Dear All
Please advise regarding recently Hon. Supreme Court Order for employees pension scheme.
1. In our establishment practices P.F. deduction on actual Basic Salary (not capped P.F. salary for Rs.15000/-). what action can be taken for new pension benefit get for all employees.
2. What is pension calculation for more than 20 years employees on earlier basis ( Before Hon. Supreme Court Order
3. What is pension calculation for more than 20 years employees on Rs.30000/- and above basic salary.
If any references for comparison please forward the same.
From India, Raipur
Please advise regarding recently Hon. Supreme Court Order for employees pension scheme.
1. In our establishment practices P.F. deduction on actual Basic Salary (not capped P.F. salary for Rs.15000/-). what action can be taken for new pension benefit get for all employees.
2. What is pension calculation for more than 20 years employees on earlier basis ( Before Hon. Supreme Court Order
3. What is pension calculation for more than 20 years employees on Rs.30000/- and above basic salary.
If any references for comparison please forward the same.
From India, Raipur
sir,
My employees /management agree to contribute pf contribution on higher rate @ 50000/to 100000/(basic/Da) w.e.f. 01/04/2019 .
presently we contributing on ceiling rate i.e 5000/6500/15000/.
kindly confirm that my employees shall be eligible for higher pension after contributing of 12 months if they retired ?
From India, Gurgaon
My employees /management agree to contribute pf contribution on higher rate @ 50000/to 100000/(basic/Da) w.e.f. 01/04/2019 .
presently we contributing on ceiling rate i.e 5000/6500/15000/.
kindly confirm that my employees shall be eligible for higher pension after contributing of 12 months if they retired ?
From India, Gurgaon
As per the latest Supreme Court verdict those who contribute at higher salary, ie, 50000 in the example, should get pension based on that higher salary as their pensionable salary. How the service will be worked out is not clear but the verdict only says that the pensionable salary should be the average of 12 months pensionable salary immediately preceding the retirement. That means that even if you contribute through out at 15000 but contribute on 50000 for the last year, he should be getting pension based on 50000!! If so, the EPFO will be at a heavy Loss.
From India, Kannur
From India, Kannur
Pension is calculated roughly as pensionable salary ( salary on which PF is deducted) X pensionable years( years contributed to PF) All divided by 75. Earlier when the pensionable salary was computed as last 12 months average, employers used to give more salary during last year to help employees & to plug this EPFO brought in 5 years average which has been struck down by SC now. Now the field is open if your employer is willing to give you a higher PF contribution on a higher salary in last year of retirement.
From India, Thane
From India, Thane
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PF guidleines for Pension fund.pdf