Employees Provident Fund Organization has increased the monthly salary limit to join the scheme. Till now this limit used to be Rs 6,500 per month, which has now been increased to Rs 15,000 per month. With this, now the benefit of pension scheme will not be given to all those whose monthly salary was more than Rs 15,000 at the time of joining the scheme.
The basic salary and dearness allowance (DA) are added to the salary for the purpose of EPS scheme i.e. Employee Pension Scheme. Due to this, now according to the changed rules, if an employee’s basic pay i.e. basic salary and DA is mixed with 15, If an amount of more than Rs. 000 per month is made, then he will no longer be eligible for EPS EPS. Employee pension scheme (EPS) Employee Pension Scheme (EPS) is a social security scheme primarily for the benefit of employees.
It is run by the Employees Provident Fund Organization (EPFO). The scheme provides pension to those employees who are employed in the organized sector at the age of 58. The benefit of this scheme is given only to those who have been employed for at least 10 years. The special thing is that it is not mandatory to have continuous service time in it.
A member of the scheme becomes eligible for pension benefits after retiring at the age of 58 years. If a member has not been in service for 10 years before the age of 58, he can withdraw the entire amount by filling Form 10C at the age of 58, but will not get the monthly pension after retirement. EPFO member who becomes permanently handicapped will get a monthly pension even if he has not done the required 10 years job……..Read More>>