Dear Sir,
I need information regarding the benefits available to an employee under EPS, if he joins a Company for the first time in his life time and that too at the age of 57 years. I have a case like this and not able to explain the benefits available under the EPS due to the stipulated conditions of contribution towards EPS. (i.e. No contribution after 58 years of age and minimum of 10 years continuous contribution to become eligible for pension )
This is a rare case and request you for your opinions and suggestions.
Regards
N.Mohan
From India, Bangalore
27I need information regarding the benefits available to an employee under EPS, if he joins a Company for the first time in his life time and that too at the age of 57 years. I have a case like this and not able to explain the benefits available under the EPS due to the stipulated conditions of contribution towards EPS. (i.e. No contribution after 58 years of age and minimum of 10 years continuous contribution to become eligible for pension )
This is a rare case and request you for your opinions and suggestions.
Regards
N.Mohan
From India, Bangalore
Dear Mr.N.Mohan,
EPS is statutory and there is no option other than join to those becoming a member of EPF. If the member is not eligible to get pension, he can avail withdrawal benefit, provided the member has a service of at least 6 months in EPS.
But our Central Trade Union Leaders are requested to raise the point before the authorities to make necessary amendments to EPS-95 to exclude the employees who have no opportunity to avail pension due to crossing the age.
Abbas.P.S
From India, Bangalore
EPS is statutory and there is no option other than join to those becoming a member of EPF. If the member is not eligible to get pension, he can avail withdrawal benefit, provided the member has a service of at least 6 months in EPS.
But our Central Trade Union Leaders are requested to raise the point before the authorities to make necessary amendments to EPS-95 to exclude the employees who have no opportunity to avail pension due to crossing the age.
Abbas.P.S
From India, Bangalore
Dear Mr. Abbas. P.S,
Thank you for your immediate response and for your views. Even I have the same opinion but wanted to know if there is any other benefits as the employee is not benefited in the cases like this.
From India, Bangalore
Thank you for your immediate response and for your views. Even I have the same opinion but wanted to know if there is any other benefits as the employee is not benefited in the cases like this.
From India, Bangalore
Dear Mr.N.Mohan, Either pension or withdrawal benefit are the two benefits available with the EPS-95. Abbas.P.S
From India, Bangalore
From India, Bangalore
In the given case, if the basic salary of the member is more than 15,000/- he can opt out of the EPS Scheme if he is recently joined as per the recent amendments. Obtain Form No. 11 from the member to this effect.
From India, Mumbai
From India, Mumbai
Dear Mr.Swetley, His basic salary is within wage limit of PF and covered under the Act. My problem is explaining the benefits available to him under EPS as he is already 57 years old.
From India, Bangalore
From India, Bangalore
Since he could be a member for only 1 year or so, withdrawal benefits only are available to him. Since, this is statutory, there is no way out.
From India, Mumbai
From India, Mumbai
Dear All,
Due to the recent revision in wage limit under PF, I feel at least few will fall in this category.I am of the opinion that the benefits available under EPS is very less in the cases like this. Please correct me if I am wrong. Also,request you all for the opinions and suggestions.
From India, Bangalore
Due to the recent revision in wage limit under PF, I feel at least few will fall in this category.I am of the opinion that the benefits available under EPS is very less in the cases like this. Please correct me if I am wrong. Also,request you all for the opinions and suggestions.
From India, Bangalore
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Amendment in Employees Pension Scheme, 1995.pdf
Questionnaire on Effectiveness of Monetary Benefits on Motivation and retention of employees.doc