Where can I find my Staff member Pension Plan (EPS …

  • Employees’ Pension Plan (EPS)

    Employees’ Pension Plan (EPS) of 1995 provides pension on disablement, widow pension, and pension for candidates. EPS program replaced the Family Pension Scheme (FPS) of1971 When an staff member signs up with a facility covered under the Staff members Provident Funds & & Miscellaneous Provision Act, 1952 (s) he becomes a member of Employees Provident Fund Scheme (EPF), Staff Members’ Pension Plan (EPS) 1995, Employees Deposit Linked Insurance Plan (EDLIS ),1976 The EPS act in pdf format can be read at EPFO’s EPS webpage or Employees’ Pension Scheme, 1995 ( pdf) and FAQ on EPS at EPF webpage. It’s main features are:

    • It is funded by diverting 8.33%of employer’s monthly contribution from the EPF. Regular monthly contribution to EPS is restricted to 8.33%of 6500 or Rs 541 p.m and after Oct 2014 Rs 1250 8.33%of 15,000 Government’s contribution of 1.16%of the worker’s regular monthly salaries if income less than Rs 6,500
    • Unlike the EPF contribution EPS part (8.33%out of 12%contribution from your employer or Rs 541 and after Oct 2014 Rs 1250 what ever is minimum) does NOT get any interest
    • The portion of service for six months or more shall be dealt with as one year and the service less than 6 months will be overlooked. So 9 years and 6 months will be rounded upto 10 years.
    • Lifelong pension is available to the member and upon his death members of the family are entitled for the pension.
    • A worker can begin getting the pension under EPS only after rendering a minimum service of 10 years and obtaining the age of 58/50 years.
    • No pension is payable before the age of 50 years.
    • Early pension can be declared after 50 years however before the age of 58 years. It is subject to discounting element @ 4%(w.e.f. 26.092008) for every single year falling short of 58 years. In case of death/ disablement, the above limitations does not use.
    • The maximum Pension monthly undergoes maximum of Rs 3,250 each month.
    • Optimum service for the computation of service is 35 years.
    • No pensioner can receive more than one EPF Pension.

    Earlier there was a provision under EPS permitting commuting of one third of regular monthly pension by paying 100 times the original month-to-month pension. The modified scheme from 26 Sep’ 2008 doesn’t permit it anymore.

    Table listed below provides the rates of contribution of EPF, EPS, EDLI, Admin charges in India.

    The function of the plan is to offer pension in following circumstances:

    Note: According to Updated file of EPS on 2008 qualified duration of service has be altered to 10 years from 20 years. For This Reason S hort service Pension which was Member has to render qualified service of 10 years and more however less than 20 years is no longer valid.

    Estimation of Pension

    For a member who joined EPF before 15.111995 have 3 components in Pension computation:

    ( a) Past Service Benefit( b) Pensionable Service Benefit( c) In Proportion Reduction

    • Past Service: suggests the duration of service rendered by an existing member from the date of joining Staff members’ Household Pension of 1971 till the 15 th November, 1995.
    • Pensionable service suggests period of service rendered from 16 Nov 1995.
    • Proportionate reduction: if the past service is less than 24 years and past service benefit Pensionable service pension is less than Rs.500

    For those who signed up with after 15.111995 just Pensionable Service Advantage applies

    Pension depends upon your contribution to Pension Fund and your service. You might be drawing very high salary, but your contribution to Pension Fund will be just Rs. 541 and after Oct 2014 Rs 1250 max This is because, based on EPF scheme, employer needs to remit 8.33%of real wage or of Rs. 6500 or 15,000 whichever is minimum. If your contribution in terms of amount or variety of years is less, your pension will be less. Your company can contribute more with permission. EPF Goa has details on how to get more pension.

    Note: If no wage is made for a specific duration, that period is to be deducted from the service (as there will be no contribution to Pension Fund). Maximum pension is calculated as follows

    Mr R.Kapoor began his job on 15 th Nov1995 He works for 35 years. His typical income =-LRB- ,000/- each month however for pension service optimum salary considered is Rs 6,500 So Mr. Kapoor’s pension from 16.112025 will be

    Rs (6500 X 35)/70 = Rs 3250/ month.

    You might compute your possible approx. pension quantity by using Approximate Pension Calculator


    If overall service of staff member is less than 9.5 years, (s) he is not entitled for pension so he can look for Withdrawal advantage i, e Pension Fund Cash back. As soon as, the service duration crosses 10 years, the money withdrawal alternative ceases you can just get Plan Certificate which (s) he can utilize to get pension from the age of 50 years.

    Scheme Certificate

    If overall service of staff member is more than 9.5 years and age of staff member is less than 50 years of age, (s) he can just declare scheme certificate. (S) He can include services at different companies to calculate overall service. (S) he can get pension from the age of 50 years on wards. If (s) he has scheme certificate for all services, he might apply straight at EPF which covers the location where bank (SBI, Canara, Syndicate,) is situated. He requires to fill Form 10- D, get form attested by that bank supervisor with image and other needed files which is mentioned in the Form-10 D itself.

    Withdrawal– Money back

    If overall service of employee is less than 9.5 years and age of staff member is less than 50 years of age then just one can withdraw the EPS quantity in cash. But unlike EPF which when you withdraw you always get 100%of your EPF part, for EPS withdrawal amount depends upon depends upon Average salary and total service, NOT related to actual Balance in Pension Fund. The withdrawal amount is governed by what is called Table ‘D’.

    Note that the table D is upto 9 yrs just, due to the fact that if 10 yrs are crossed, then you are responsible for pension.

    So if Ms. Priya Sharma’s regular monthly salary is Rs 40,000 each month however for purpose of pension only Rs 1250( earlier 541) p.m or Rs (15,000 earlier 6,500) annually is considered. If she withdraws after 3 years her yearly pension will be

    = Percentage corresponding to 3 years of service from Table D 6500

    = 3.10 6500/ 3.10 1250

    Declaring Pension

    For pension, withdrawal advantage, plan certificate and so on application must be through ex-employer. For pension, Form 10 D( pdf format) is to be used. For withdrawal benefit & & scheme certificate fill Type 10 C( pdf format) which is also readily available with the HR department

    If you have plan certificate for all of your service, you might use directly at EPF which covers the location where your bank (SBI, Canara, Distribute, …) is positioned after confirming the filled Type-10 D by that bank supervisor with image and other needed documents which is pointed out in the Kind-10 D itself.


    Often Asked Questions we discovered.

    Q: I operated in a business for exactly 1 year(12 months) My Fundamental wage was 1,20,600 and deduction for PF from my wage was 1206 P/M. As I understand equivalent deduction must be include by the company. I was told at the time of signing up with that the deduction of company will also be subtract from your wage and It will be not shown in your salary slip.

    The PF amount I got versus the EPF A/C is 21518 6630 =-LRB- i.e nevertheless less then the real quantity credited as a pf contribution consisting of both worker and employer that ought to be 28948.

    Ans: Overall amount in EPF will be your contribution (A), Company’s contribution (B) and interest. In your case standard wage of Rs.1206/ per month, PF and EPS contribution will as follows:

      • A) Your 12 months PF contribution will be– Rs. 14472 (i.e. 1206 X 12)
      • B) Company’s 12 months PF contribution will be– Rs. 7980 (i.e. 665 X 12)
      • C) Employer’s 12 months EPS contribution will be– Rs. 6492 (i.e. 541 X 12) or 15,000(i.e 1250 *12) after Oct 2014

    In my viewpoint your credited EPS amount of Rs.6630 is right, if your service is exact 1 year (i.e. 6500 X 1.02) Source: citehr query on EPF and EPS withdrawal

    Q: Worker belongs to Workers’ Pension Scheme. He/She has actually left employment at 48 years. of age and 8 years. of service. When shall he/she receive his/her pension?

    Ans: He/She can take either withdrawal benefit or can take scheme certificate so that the 8 years service can be contributed to any future service that he/ she might put in, in any other covered facility. By virtue of being a holder of a plan certificate, if the member passes away prior to 58 years widow/ widower and children will be entitled for pension.

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