The NDA government plans to roll out a social security contribution system for gig workers, where platforms employing these workers must deduct a specific percentage of their payments and deposit it into the Employees’ Pension Scheme. According to a report in the Times of India, the government may also match an additional 3-4% of the … Read more
Union Labour Minister Mansukh Mandaviya announced that the Employees Provident Fund Organisation (EPFO) is set to introduce its advanced software system, EPFO 3.0, by June this year. Speaking to reporters on Thursday, Mandaviya said that the new system will offer a level of efficiency comparable to the banking systems in the nation, with a more … Read more
EPS pensioners: Beginning January 1, 2025, retired individuals covered under the Employees’ Pension Scheme (EPS), 1995, will be able to conveniently access their pension funds from any bank branch located in India. In this regard, the Centre informed that EPFO has completed full scale rollout of the new Centralized Pension Payments System (CPPS) under Employees’ Pension … Read more
Since the announcement of the Unified Pension Scheme (UPS) by the Centre, private sector employees have been pressing for an enhanced monthly pension under the Employee’s Pension Scheme (EPS). Under UPS, government employees are entitled to receive a monthly pension upon retirement, amounting to 50% of their last-drawn basic pay. The minimum pension guaranteed is … Read more
The Centre on Friday tweaked the Employees’ Pension Scheme (EPS), 1995, to ensure that members with less than 6 months of contributory service can also withdraw funds. Every year, lakhs of EPS members leave the scheme prior to rendering the requisite 10 years of contributory service for pension. These members are given withdrawal benefit as … Read more
Over 17 months and counting. That’s how long members of the Employees’ Pension Scheme (EPS) have been waiting to see the implementation of the November 2022 Supreme Court ruling on higher pension. While they still have hope, there is little clarity on when the apex court’s ruling will be implemented by the Employees’ Provident Fund … Read more
The dispute primarily concerned the controversial amendments made to paragraph 11 of the Employees Pension Scheme (EPS) of 1995. The dispute primarily concerned the controversial amendments made to paragraph 11 of the Employees Pension Scheme (EPS) of 1995. The Supreme Court on Friday, November 4, 2022, upheld the Employees’ Pension (Amendment) Scheme, 2014 as “legal … Read more
The government is considering indexing the wage ceiling under the Employees’ Provident Fund Organisation (EPFO) to an inflation gauge or some other measure to allow periodic revision. The last revision in EPFO wage ceiling was done in 2014 when it was raised to ₹15,000 from ₹6,500. The issue was deliberated at the ad-hoc committee on … Read more