EPS Scheme

The annual report data also shows that the central government provided a support of Rs 957 crore during FY 24 for the minimum pension

Additionally, the EPFO is also working to revamp its IT infrastructure for more seamless and efficient services to subscribers and easier withdrawals

The labour ministry is considering to revamp Employees' Pension Scheme 1995 (EPS-95) by allowing more contribution by members for higher retirement benefit, a top source said. Presently, the entire contribution of members of the Employees' Provident Fund Organisation (EPFO), or 12 per cent of the basic salary, goes into the EPF account. It is the employers' contribution, of which 8.33 per cent goes into EPS-95 while the remaining 3.67 per cent is credited into the EPF account. The top source said members will get more pension if they contribute more into their EPS-95 account. Therefore, the ministry is weighing options to allow a higher contribution towards EPS. The source also said the employees could also be allowed to contribute towards EPS-95 to increase the pension benefit under the revamped structure. The source added that besides improving social security benefits, the Modi government is also focusing on job creation in the country. He explained that a capex of Rs 1 crore

Generally underwhelming Q2FY25 results pushed the earnings per share (EPS) downgrade-to-upgrade ratio to 2.14, dampening market sentiment.

Experts attribute this increase in beneficiaries to the stagnation in wages of workers and high inflation, leading to lower contributions from subscribers

By harnessing advanced IT and banking technologies, it will offer a more efficient, seamless, and user-friendly experience for pensioners

Analysts attribute the growing divergence between stock price and corporate earnings to the valuation-driven rally

The central board of trustees (CBT) - the apex decision-making body of the Employee Provident Fund Organisation (EPFO) - was apprised of the rejection of the proposal in its latest meeting on Saturday

As per an analysis done by CLSA, India price-to-earnings (P/E) multiple is nearly 30 per cent higher than its historical average

The Employees' Pension Scheme (EPS) application deadline will end on July 11, which is today i.e. Tuesday. However, a lack of clarity has left many people confused

This transfer will happen once the application form for higher pension is accepted by the social security organisation

Subscribers or pensioners opting for higher pension will get three months to give their consent for diverting additional contributions or dues under the Employees' Pension Scheme (EPS) run by the Employees' Provident Fund Organisation (EPFO), stated a circular on Thursday. Earlier in November 2022, the Supreme Court asked the government to give subscribers four months for opting for a higher pension. The EPFO provided an online facility to submit the joint option form (with employers) to the subscribers for opting for a higher pension till May 3, 2023. Later the deadline was extended until June 26, 2023. There was a lack of clarity about how this additional higher contribution for exercising the option would be worked out and paid. The members were also not aware whether they would be given the option to withdraw from the higher pension scheme in case the additional payout is exorbitant. The circular has clarified that the additional outgo would be worked out by field officers and

Employees seeking larger pensions are betting on government intervention to address deficit. However, past precedents show governments cap the pension in such situations

Their protest is continuing from 2018 in Buldhana in Maharashtra

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Retirement fund body EPFO on Monday decided to allow withdrawal of accumulations in Employees' Pension Scheme 1995 (EPS-95) for those subscribers who have only less than six months of service left. Currently, the Employees' Provident Fund Organisation (EPFO) subscribers who have less than six months of service left are allowed to withdraw the accumulations in their employees' provident fund account only. The EPFO's apex decision making-body Central Board of Trustees (CBT), headed by Union Labour Minister Bhupender Yadav, at its 232nd meeting held on Monday recommended to the government to make certain amendments in the EPS-95 scheme, a labour ministry statement said. The board has recommended to the government to extend withdrawal benefits from EPS account to members who have less than six months of service, it added. Further, the board has recommended extending proportionate pensionary benefits for members who have been in the scheme for more than 34 years. This will help pension

At present, it is mandatory for employees who earn a basic salary plus dearness allowance (DA) of up to Rs 15,000 to enrol in EPS

The move will help higher-income group workers to get higher pensions and is aimed at making the pension fund of the EPFO, which is in deficit, more sustainable

With the ministry's latest decision, such pensioners would receive their full pension after completion of 15 years