Pension - I worked in a CPSU
8 months ago
I worked in a CPSU from April 1986 to Sept 1998 - undisputed period of service.
Want to know the impact of FPS from April 1986 to Nov 1995 on my pension that came under EPS 95 from Nov 1995.
A.Dear Client,
Prior to the introduction of EPS, 1995, you had to calculate pension based on the past service years corresponding to a fixed slab that has reference to either salary was less or above Rs. 2500 and multiplied by a factor as per Table-B for past service benefit. If the employee joining the first time and earlier was not a member of EPS & the salary is more than 15,000/- per month - then the employee is not eligible for a member of EPS 95. The entire 12% of employer contribution is deposited in the EPF account only. The condition for eligibility for pension under EPS, 95 - The employee must be an EPFO member (Employees Provident Fund Organization), One must have completed 10 years of service and be over the age of 50 to receive an early pension under EPS. To be eligible for a normal pension, you should be at least 58 years of age. Early pension can be availed by EPS members if they retire or cease to be in employment before 58 years of age. This can be availed by members once they turn 50 years of age. For the purpose of the EPS scheme, salary is considered a basic wage plus dearness allowance (DA). So, according to the amended rules, if an individual's basic wage plus DA exceeds Rs 15,000 a month, then he will not be eligible to join the EPS scheme.
Prior to the introduction of EPS, 1995, you had to calculate pension based on the past service years corresponding to a fixed slab that has reference to either salary was less or above Rs. 2500 and multiplied by a factor as per Table-B for past service benefit. If the employee joining the first time and earlier was not a member of EPS & the salary is more than 15,000/- per month - then the employee is not eligible for a member of EPS 95. The entire 12% of employer contribution is deposited in the EPF account only. The condition for eligibility for pension under EPS, 95 - The employee must be an EPFO member (Employees Provident Fund Organization), One must have completed 10 years of service and be over the age of 50 to receive an early pension under EPS. To be eligible for a normal pension, you should be at least 58 years of age. Early pension can be availed by EPS members if they retire or cease to be in employment before 58 years of age. This can be availed by members once they turn 50 years of age. For the purpose of the EPS scheme, salary is considered a basic wage plus dearness allowance (DA). So, according to the amended rules, if an individual's basic wage plus DA exceeds Rs 15,000 a month, then he will not be eligible to join the EPS scheme.
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