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Out of 17,48,775 functions for larger pensions as of August 7, 2024, EPFO has given larger pensions to solely 8,401 subscribers.
Employees incomes above the EPFO wage ceiling can go for a better pension by contributing a better share of their wage.
N K Premachandran, a Revolutionary Socialist Party MP, on Monday mentioned the federal government ought to instantly implement an enhanced pension scheme as authorized by the Supreme Court. On November 4, 2022, the Supreme Court dominated in favour of present workers with the ability to go for a better pension beneath the Employees’ Pension Scheme (EPS), 1995.
Raising the difficulty throughout Zero Hour, the member of Lok Sabha from Kollam mentioned workers are entitled to a better pension beneath the EPS 1995.
Out of 17,48,775 functions for larger pensions as of August 7, 2024, EPFO has given larger pensions to solely 8,401 subscribers.
He additionally demanded {that a} larger pension ought to be given on the earliest.
The Employee Pension Scheme 1995 (EPS 95), which the Employees’ Provident Fund Organisation launched on November 19, 1995, is a social safety initiative supposed to cater to the retirement wants of workers within the organised sector.
Administered by the EPFO, this scheme ensures pension advantages to eligible workers who attain the age of 58.
He additionally raised the difficulty with regard to the calculation of pensions and urged the federal government to rethink.
What Is EPS-95?
The Employees’ Pension Scheme (EPS-95), launched by the Employees’ Provident Fund Organisation (EPFO) on November 19, 1995, is a social safety initiative designed for workers within the organised sector. It goals to make sure monetary stability after retirement, offering pension advantages to workers who’ve contributed to the scheme and meet eligibility standards.
Key Features of EPS-95:
Eligibility: Employees who’re a part of the EPFO and have accomplished a minimum of 10 years of service are eligible for the scheme. Pension advantages begin on the age of 58.
Contribution: Employees contribute 12% of their primary wage and dearness allowance to EPF. Employers contribute an equal quantity, of which 8.33% is directed towards EPS.
Benefits: EPS ensures a set month-to-month pension decided by a formulation
Higher Pension Option: Employees incomes above the EPFO wage ceiling can go for a better pension by contributing a better share of their wage.
(With PTI Inputs)
