dear sir please give your valuable information in Hindi because lot of people know Hindi but I want to say that lot of people only majdur we opt or not it should be clearly
What is higher pension scheme? You pay the EPFO a handsome amount and it will return your own amount in instalments in the form of pension. In some cases (when you don’t live longer after retirement)you may not get back the amount you have paid to the EPS!
Ok, I had done all calculations and had arrived at the conclusion that Higher EPS is at least twice as beneficial financially compared to current EPS (specially when I compare it to available pension funds) ... But your 5th and 6th reasons are the real deal breakers -- And that is why I dont think I will opt for this... Thank you for this video ...
@@DIPANKARBARAI0303 What is employee retires at age of 50 and don't do any work or only part time without PF will it be better? What would happen then? Will the average be basic avg of age 46-50?
@@GRLabourLaw What if an employee work till 20yrs to 50 yrs and then dont work till 58? Will the pension be avg of basic from age 46-50 * 30 / 70? This is not very clear to me.
In the case of retired especially in 2014 September onwards they have to remit a huge amount in lakhs towards higher pension. But in future they are eligible to get a good amount towards arrears. Why is it not possible to adjust those amoounts mutually so as to reduce the biurden of early retirees.
what is the Age eligibility for getting pension sir? If I want to quit my job at the age of 45 or 50, will I get pension from my early retirement or not? Please clarify....
I done jobs in pieces, in few jobs I withdraw all pf and EPS also, six jobs in done, minimum pension fixed in 2018=should I opt, higher, pension, or I will loose heavily, . I don't have money to deposit now
No question of opt. Government and EPFO should fund and provide higher pension for all pensioners no classification. Compared to Central Government and State Government pensioners we have paid contribution when we were earning. Now pensioners cannot contribute as salary is not being given. Pl don't make negetive judgements pl. For someone's mistake don't punish pensioners.
Thank you sir. Excellent explanation. Pl clarify additional contribution on higher wages that what we need to pay from 1996 or 2014. (Example person working from 1996).
Sir i was joined in central psu in 2003. Now i was 41 yrs. Is higher pension scheme beneficial for me or not. Is there any chance for modifications in the scheme in future. Now recently contribution increased from 8.33% to 9.49%. Pls share your opinion & suggest me.
In case if the person loses job at 50 years and is forced to take up another job for a lower salary with lower basic wages, the last 5 year average basic wage would be less. Thereby the pension amount would also be less. Is this right?
Sir my father was death 2years ago,Now my mother and sister(under 25) was got pension..But now I am confuse that Can I apply for higher pension or Higher pension is available for employer's families??
Sir some cases facing apply online application .the employee was expired and his spouse want to apply higher pension ..some body told that dependents not eligible for higher pension ..is it true sir
How to calculate last 5yrs average salary ie if some one has worked from 1989 and retired in 2021 for eps. Will it be average of last 5 yrs only or something else
OK! Nobody is opting for higher pension under EPS1995 PENSION SCHEME. What is the Government, EPFO going to do? Are they willing to change the fundamental calculation of pension to raise the pension.? These dodging methods clearly shows they have no money at all or it would have been diverted for other vote activities!
Even government doesn't like this scheme. Due to the current and future suitation, Government cannot provide the money to ppl. Lot of scheme will create, They need to spend it for PPL.
जो कर्मचारी 2014 के बाद सेवानिवृत हुए है! लेकिन सेवानिवृति के बाद उनकी मृत्यु हो गई है! उस मृतक कर्मचारी की पत्नी ऑनलाइन ऑप्शन नहीं भर सकती है! जबकि न्यायालय के आदेश अनुसार 2014 के बाद सेवानिवृत कर्मचारी ऑप्शन भरने के हकदार है! कर्मचारी द्वारा अपनी नौकरी के दौरान actual wages पर EPS मे 8.33 प्रतिशत का अंशदान दिया गया है!
Very good & valid reasons you have told .
Good presentation. Thanks.
Very good👍 explaination
Very clear inputs, thanks 🙏
Thank you sir for the explanation. It help us
dear sir please give your valuable information in Hindi because lot of people know Hindi but I want to say that lot of people only majdur we opt or not it should be clearly
Ur contribution in sharing information to HR professionals is fantastic and very are happy to get all updates from you .... Thanks a lot
🙏🙏
What is higher pension scheme?
You pay the EPFO a handsome amount and it will return your own amount in instalments in the form of pension. In some cases (when you don’t live longer after retirement)you may not get back the amount you have paid to the EPS!
nice info thanks
This is good and informative but can you please put some number for visualization.
Ok, I had done all calculations and had arrived at the conclusion that Higher EPS is at least twice as beneficial financially compared to current EPS (specially when I compare it to available pension funds) ... But your 5th and 6th reasons are the real deal breakers -- And that is why I dont think I will opt for this... Thank you for this video ...
🙏
What's that reason can u explain
Its not practical that a 55y old employee would get a lower salary from new company than his previous one if he changes employer at 55
@@DIPANKARBARAI0303 What is employee retires at age of 50 and don't do any work or only part time without PF will it be better? What would happen then? Will the average be basic avg of age 46-50?
@@GRLabourLaw What if an employee work till 20yrs to 50 yrs and then dont work till 58? Will the pension be avg of basic from age 46-50 * 30 / 70? This is not very clear to me.
In the case of retired especially in 2014 September onwards they have to remit a huge amount in lakhs towards higher pension. But in future they are eligible to get a good amount towards arrears. Why is it not possible to adjust those amoounts mutually so as to reduce the biurden of early retirees.
Is employer ready to pay 12%of basic pay above 15000
I had opt in in april-may 2023. My case is in process at epfo office due to missing documents from my employer. Can i now raise request for opt out ??
Can I opt higher pension in future?
You have covered only serving members, what about pensioners who are getting pension as per old scheme, say people retired before 2014?
Thank you so much Sir. Very useful information.
🙏
For retired already during the year 2021.
Whether pension starts from that year because one has to repay the excess contribution
Nice analsis. Superb.
🙏
what is the Age eligibility for getting pension sir? If I want to quit my job at the age of 45 or 50, will I get pension from my early retirement or not? Please clarify....
You can opt only at age of 50 or 58,
If 50, There will be 4% cut
I done jobs in pieces, in few jobs I withdraw all pf and EPS also, six jobs in done, minimum pension fixed in 2018=should I opt, higher, pension, or I will loose heavily, . I don't have money to deposit now
No question of opt. Government and EPFO should fund and provide higher pension for all pensioners no classification.
Compared to Central Government and State Government pensioners we have paid contribution when we were earning. Now pensioners cannot contribute as salary is not being given.
Pl don't make negetive judgements pl.
For someone's mistake don't punish pensioners.
Thank you sir. Excellent explanation. Pl clarify additional contribution on higher wages that what we need to pay from 1996 or 2014. (Example person working from 1996).
From 1996 onwards
Sir i was joined in central psu in 2003. Now i was 41 yrs. Is higher pension scheme beneficial for me or not. Is there any chance for modifications in the scheme in future. Now recently contribution increased from 8.33% to 9.49%. Pls share your opinion & suggest me.
In case if the person loses job at 50 years and is forced to take up another job for a lower salary with lower basic wages, the last 5 year average basic wage would be less. Thereby the pension amount would also be less. Is this right?
Yes that's what i thought as well.
Thanks i have 13 yrs of service left and my current basic is 1 lakh. Should I opt for higher pension?
Do not take. If you have service left. They can modify N number of policy. Only thing, Always EPFO protects only Government and not the ppl
Sir my father was death 2years ago,Now my mother and sister(under 25) was got pension..But now I am confuse that Can I apply for higher pension or Higher pension is available for employer's families??
Sir some cases facing apply online application .the employee was expired and his spouse want to apply higher pension ..some body told that dependents not eligible for higher pension ..is it true sir
How to calculate last 5yrs average salary ie if some one has worked from 1989 and retired in 2021 for eps. Will it be average of last 5 yrs only or something else
Yes, last five years only (average monthly)
My basic salary is 20k. But my fund is not going in eps. My share and employer share directly added to my epf. Why this happened.?
Same with me
OK! Nobody is opting for higher pension under EPS1995 PENSION SCHEME. What is the Government, EPFO going to do? Are they willing to change the fundamental calculation of pension to raise the pension.? These dodging methods clearly shows they have no money at all or it would have been diverted for other vote activities!
Even government doesn't like this scheme. Due to the current and future suitation, Government cannot provide the money to ppl.
Lot of scheme will create, They need to spend it for PPL.
जो कर्मचारी 2014 के बाद सेवानिवृत हुए है! लेकिन सेवानिवृति के बाद उनकी मृत्यु हो गई है! उस मृतक कर्मचारी की पत्नी ऑनलाइन ऑप्शन नहीं भर सकती है! जबकि न्यायालय के आदेश अनुसार 2014 के बाद सेवानिवृत कर्मचारी ऑप्शन भरने के हकदार है! कर्मचारी द्वारा अपनी नौकरी के दौरान actual wages पर EPS मे 8.33 प्रतिशत का अंशदान दिया गया है!
E P F 95 husbend death 23 03 2002
All are assumptions only.
Please make video in Kannada
Thankyou For clarity... One suggestion if you could use number it would have been more easy to visualize it.
Although it's still insightful
Good informative Sir🤝
Pls kannada sir