EPFO Pensions Scheme : How to Increase EPFO Pension Scheme

EPFO Pensions Scheme: Private sector workers may soon get relief. With a decision, the pension (EPS) of lakhs of workers who contribute to the Employees’ Provident Fund (EPF) can increase by 300% in a jiffy.

The Employees’ Provident Fund Organization (EPFO) has the highest income of Rs 15,000 (ordinary income) for the pension of the employees. That means, even if your income is more than Rs 15 thousand a month, but your pension is calculated at the maximum 15 thousand rupees. Thousands can be done on income of Rs.

EPFO Pensions Scheme

The hearing is on within the Supreme Court to remove this benefit-restriction of EPFO. The calculation of personnel pension (employee’s pension scheme) can also be executed on the final benefit i.e. extreme benefit bracket. Usually additional pension is available.

Let us tell you, it is very important to contribute to the Employees’ Provident Fund (EPF) for 10 years to get the pension. At the same time, the glory of two decades of service of two years is to be crowned.

Will your pension increase?

As per the prevailing system if an employee is doing any process due on 1st June 2015 and if he wants to take pension after completing 14 years of service then his pension can be calculated as Rs 15,000 only, even if he has changed Be in operation with earning of 20 thousand rupees.

Ordinary income group or within 30 thousand rupees. As per the antique formulation, the employee gets a pension of around Rs 3000 on the last touch of 14 years with effect from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in the will of the employees then the pension of the same employee will increase.

How to Increase EPFO Pension

Explain that according to the policies of EPFO, if an employee contributes to the EPF for twenty consecutive years or more, then his provider is given more years. In this way 33 years of the service provider have been completed, but for 35 years Pension calculated. In any such situation, the use of 333 percent can lead to a jump in the income of that worker.

The Employees Pension Revision Scheme, 2014 was implemented with the help of using the Central Government with the help of notification issuance from 1st September, 2014. Due to calling of personnel of private quarters it became negative and in the year 2018 itself in Kerala High Court. It was heard.

EPFO Employees Pension Interest Rate

Act, 1952. The employees oppose the policies of EPFO ​​saying that it guarantees them less pension. Because even if the income is more than 15 thousand, the calculation of pension is maximum. 15 thousand has remained stable on an income of Rs.

However, on 1st September 2014, before the amendment done using the necessary authorities, this amount changed to Rs.6,500. The Kerala High Court had given this decision with the help of accepting the writ of the personnel, considering the policies of the EPFO ​​to be unfair. But EPFO ​​filed an SLP in the Supreme Court, which was rejected by resorting to the Supreme Court.

PF Pension Interest Rate Decision in 2019

The Supreme Court again decided to take note of its choice. While hearing the EPFO’s SLP on April 1, 2019, a division bench of Justice Surendra Mohan and Justice AM Babu observed- Employees who file joint options with their employers After contributing on the basis of their actual benefit, they may be deprived of the benefits of the pension scheme without justification. There is no justification to increase the pension benefit to Rs.15 thousand. The bench said that 15 thousand months- Rate-Month Method Rs.500 per day.

It is not uncommon that even a daily wage earner gets a higher salary than this. So limiting the maximum benefit for pension to Rs 15000 thousand would deprive more and more workers of a respectable pension in the ancient era. As regards the impact on the pension fund, there is a need to streamline the fund by increasing the quotations of contributions from time to time.

In January 2021, the Supreme Court reconsidered its 2019 selection and decided to hear the problem. A petition has been filed against the Kerala High Court order on behalf of the Ministry of Labor and the EPFO.

The EPFO ​​is of the view that this order could increase the pension up to 50 times (EPS Top Limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, along with the hearing, decided to refer the problem to a larger three-member bench. decided.

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