In actual practice, proportionate salary from 2014 or even earlier will be taken as the basis, not just last 60 months average salary. Circular will be coming to this effect. Just last 60 months average salary would be unsustainable
Good analysis. But it is wrong to say that a person having 35 years (actually 33 years + 2 years weightage) would get 50% of his last 60 months average salary, as pensionable service is reckoned from 16.11.1995 only. So a person retiring in 10.05.2023, is entitled to get his pension in proportion of 29/70 (27 yrs from 16.11.1995 to 10.05.2023+2 years weightage) of his last 60 months average salary. His service prior to 16.11.1995, to which a total contribution of 3.48% of salary was made to FPS and which was merged in FPS, provides a very small amount that is based on a absurd tables. This amount which is similar to an FD for 27 years may not provide more than 450 rupees, irrespective of the amount transferred to EPS, which is totally unfair. EPFO is not only asking for the differential amount but wants the EPS members to pay PF interest from the date of exit till actual date of payment. By delaying a decision on this, the interest rate is being increased making it unviable for opting on higher pension. Besides, EPFO will not be paying any interest on pension arrears they pay to pensioners, but want members to pay interest, which is arbitrary and lopsided. There cannot be a one way traffic in such pension scheme.
Couple of things... 1. The differential payment involves repayment of interest received as well. 2. The purpose of moving for enhanced pension will be defeated if the individual passes away immediately or just before retirement. The nominee would get only 50 percentage as pension. Rather if the money is invested in FD, even a monthly payout from the lumpsum would be bringing stable returns
Hello There, Thanks a lot for the Video and explaining in good detail. I have been employed in India since 2005 but in 2014, I moved out of India (withdrawing the PF balance) and returned back to India by end of 2017. As the Higher Pension scheme is expected to take ~40% of accumulated PF(Employer share). In my case, there is no accumulated PF. Here are the questions I have: 1. As I have rejoined a job in India in 2017, am I actually eligible for option for Higher Pension. 2. If I am higher, what happens to the amount for accumulated PF balance which needs to be taken into account for EPFO? DO I need to pay from pocket or would it be taken from the current PF balance? 3. Lets say, I have optioned for HPS and I survive for 12 years (58+12 = 70 Years). Would I be able to recover the complete amount I would have given to the HPS or would we need more time there to recover the amount paid itself
मैडम क्या हम भारतीय हैं अगर हां तो कर्मचारियों या मजदूरों की पेंशन योजना में इतनी देर क्यो ?? जो आदमी 2011/12 में रिटायर हुए हैं (58) आज उनकी उम्र 71/72 साल के लगभग ही होगी कितने दिन पेंशन मिलेगी कई की घरवाली भी गुजर चुकी है सब पैसा सरकार का ऐसा क्यों????😢😢😢
ज्येष्ठ नागरिक की सुरक्षा हेतू 60 वर्ष होने के बाद उनकी शारीरिक मानसिक क्षमता कम होने बाद उनकी पुरी न्यायालयीन सुरक्षा लेना चाहिए कोई उनकी शारीरिक aur मानसिक आर्थिक छेडछाड नहीं होने चाहिए उसे लिये भारतीय कानून ज्येष्ठ नागरिक के लिये बनाना चाहिए.
In actual practice, proportionate salary from 2014 or even earlier will be taken as the basis, not just last 60 months average salary. Circular will be coming to this effect. Just last 60 months average salary would be unsustainable
Thanks for the information. Please let me know what happens if an employee has withdrawn his EPF from previous employer.
Do i have the option of reducing the EPS further and increase the EPF portion.
Good analysis. But it is wrong to say that a person having 35 years (actually 33 years + 2 years weightage) would get 50% of his last 60 months average salary, as pensionable service is reckoned from 16.11.1995 only. So a person retiring in 10.05.2023, is entitled to get his pension in proportion of 29/70 (27 yrs from 16.11.1995 to 10.05.2023+2 years weightage) of his last 60 months average salary. His service prior to 16.11.1995, to which a total contribution of 3.48% of salary was made to FPS and which was merged in FPS, provides a very small amount that is based on a absurd tables. This amount which is similar to an FD for 27 years may not provide more than 450 rupees, irrespective of the amount transferred to EPS, which is totally unfair. EPFO is not only asking for the differential amount but wants the EPS members to pay PF interest from the date of exit till actual date of payment. By delaying a decision on this, the interest rate is being increased making it unviable for opting on higher pension. Besides, EPFO will not be paying any interest on pension arrears they pay to pensioners, but want members to pay interest, which is arbitrary and lopsided. There cannot be a one way traffic in such pension scheme.
So it's not a good idea you are sayin?
Depositing amount in post office scheme is better than returning it.
In PO also the depositor gets better amount without any fuss. Thanks
Couple of things... 1. The differential payment involves repayment of interest received as well. 2. The purpose of moving for enhanced pension will be defeated if the individual passes away immediately or just before retirement. The nominee would get only 50 percentage as pension. Rather if the money is invested in FD, even a monthly payout from the lumpsum would be bringing stable returns
Well Explained🎉
Thank you for the detailed information
Hello There, Thanks a lot for the Video and explaining in good detail.
I have been employed in India since 2005 but in 2014, I moved out of India (withdrawing the PF balance) and returned back to India by end of 2017.
As the Higher Pension scheme is expected to take ~40% of accumulated PF(Employer share). In my case, there is no accumulated PF. Here are the questions I have:
1. As I have rejoined a job in India in 2017, am I actually eligible for option for Higher Pension.
2. If I am higher, what happens to the amount for accumulated PF balance which needs to be taken into account for EPFO? DO I need to pay from pocket or would it be taken from the current PF balance?
3. Lets say, I have optioned for HPS and I survive for 12 years (58+12 = 70 Years). Would I be able to recover the complete amount I would have given to the HPS or would we need more time there to recover the amount paid itself
If company has pan trust for PF / pension, does this higher pension scheme is applicable?
We are bore, it's all we are studied, we want justice for our pensionar
pention should be businessman also based on some tax collection to country , not only pention there be LTA, Medical,Etc
Sir,
It's new Pension shecme is is Worth or Not
Good Video
मैडम क्या हम भारतीय हैं अगर हां तो कर्मचारियों या मजदूरों की पेंशन योजना में इतनी देर क्यो ?? जो आदमी 2011/12 में रिटायर हुए हैं (58) आज उनकी उम्र 71/72 साल के लगभग ही होगी कितने दिन पेंशन मिलेगी कई की घरवाली भी गुजर चुकी है सब पैसा सरकार का ऐसा क्यों????😢😢😢
ज्येष्ठ नागरिक की सुरक्षा हेतू 60 वर्ष होने के बाद उनकी शारीरिक मानसिक क्षमता कम होने बाद उनकी पुरी न्यायालयीन सुरक्षा लेना चाहिए कोई उनकी शारीरिक aur मानसिक आर्थिक छेडछाड नहीं होने चाहिए उसे लिये भारतीय कानून ज्येष्ठ नागरिक के लिये बनाना चाहिए.
Can EPS pension be commuted ?
My sister is a widow. Is she elegible for higher pension. She is getting only 1383/ pm as pension. Her husband died in 1998
Background music is very irritating.
Nepal sy one laenporsrs karskty hy
No vote running center gov , think only gov.employee,Why? cut and replace adjust epfo pentioner employer All should get equal after 60 years
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