After all, EPFO has issued a circular dated 29 December 2022 regarding pension guidelines. According to-
1) Dated September 1, 2014, the way to get pension on actual salary was opened for daily wage workers and then retired employees.
2) As decided by the Supreme Court, the EPS cap of ₹ 5000, ₹ 6500 and ₹ 15000 has been accepted as the highest salary. They will have to deposit the amount in the EPS account according to the difference of 8.33% between the actual salary and the actual salary. Wherever the interest is decided, the interest will have to be paid. For example, whose salary is ₹ 1.00 lakh, he will get 100000-15000=85000 or 8.33 as the amount of ₹ 8330-1250=7080 per month and vice versa, actual salary -5000=difference as well as actual salary -6500=difference or calculate the amount with interest on it Have to layer. Similarly, employers' contribution will also have to be layered on top of the employer's contribution received by the employees.
3) Normally, class IV workers will have to pay ₹ 15.00 to Chief Engineer, Superintendent Engineer, ₹ 30.00 lakh or similar amount.
4) Every year after September 1, 2014, about 600 employees retired, taking an average income of ₹ 20.00 lakh each, or as in the last 8 years, about 5 thousand employees retired, and were given the option of enhanced pension and an amount of ₹ 1200 crores to the CPF section. Have to layer.
5) Since the amount paid by the employees is huge, it will not be adjusted from the arrears. This means everyone will have to deposit cash.
6) The employees who retired in the year 2014-15, the amount payable to them and the arrears to be received can generally be matching. It will be very beneficial for them only. For those who retired in 2020-22, the amount to be paid is more and the arrears are less, the situation will remain the same. Only how many people have the capacity to fill the CPF section with a higher amount, that is the question!
7) As per EPFO rules, pension will be applicable to an employee who has completed 20 years of service + 2 years of benefit X his salary ÷ 70.
8) Salary of an employee is the amount on which his CPF has been deducted.
9) While calculating the salary for pension, the salary will be determined by taking the average of the salary of the previous five years. For example, if the salary of an employee retired in 2018 is ₹52000 in 2015, ₹54000 in 2015, ₹56000 in 2016, ₹58000 in 2017 and ₹60000 in 2018, then ₹56000 thousand salary will be assumed while giving him pension. Last salary not ₹60000.
No
10) As long as the employee survives he will get the pension fixed as per No. 7 above. After his death his wife will get half the amount. When both of them leave, the pension will stop. The amount deposited by the employee to the CPF will remain in the EPFO account forever.
11) Whose nature is good. Those who do not have life-threatening illnesses. Those who can be guaranteed to live for at least 10 more years can afford to take increased pension. But those who have stage 3-4 cancer, brain hemorrhage, heart bypass etc. patients should consider the option of increased pension. Because when the employee leaves, the pension gets halved and even if the inflation increases or the pay commission sits, the once fixed pension does not increase.
12) Increase for those whose spouse is not alive
One should think 10 times while presenting the option for pension because after their lifetime the pension will be stopped and the money paid by them will be credited to EPFO.
7 Review Petition in the Supreme Court on the judgment of 4 November 2022 /Misc. Applications have been filed in which the following demands have been made.
1) Enhanced pension should also be applied to those who retired before 1st September 2014. Because the judgment in RC Gupta case has been upheld by Supreme Court.
2) Average salary should be calculated on last 12 months salary instead of 60 months salary.
That's all right now.
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