Rule for changing the pension system for employees: The state has announced a pension plan for its employees (Employee pension system) Made a big change! During this change, the new central employees were outside the scope of the old pension system. For such employees, the government has started the general pension system (NPS). This system was made mandatory for all government employees who were hired after January 1, 2004. Now Modi’s government has granted a pension (Pension) An important change has been made in the plan! Let us know what a change it is!
Rule for changing the pension system for employees
Government employees’ pension system (Employee pension system) Government employees affiliated with the government have been given the freedom to join the “old pension system”. The benefit of this government decision will be given to the central staff, who were finally selected before 1 January 2004 but the appointment was made after 1 January 2004.
Workers’ pension system (Employee pension system) was implemented in 1995 to satisfy the workforce in the organized sector. This system applies to all employees covered by the Employees’ Provident Fund (EPF) system. The employees covered by this scheme will receive a pension on a permanent basis, on the death of the employee, the pension amount will eventually be transferred to the family members. This article is an account of various aspects of the system that every employee and employer should be aware of.
What are the rules for EPS now?
When we start working and become a member of the Employees’ Pension Plan, then we also become a member of EPS! An employee gives 12% of his salary in the same EPF as his company. But a fraction of that goes for 8.33 eps! As we mentioned above, the current maximum pension salary is only 15 thousand rupees, ie the monthly pension share is maximum (8.33% of 15,000) Rs 1250!
Even when the employee retires, the maximum salary for pension calculation is considered to be Rs 15,000, which means that the maximum pension per employee according to the Employees’ pension scheme is Rs 7,500. can be obtained!
Pension is calculated as
If you start paying into Arbetstagarpensionen before 1 September 2014, you must note that the maximum salary limit for pension contributions is Rs. If you have joined the EPS after 1 September 2014, the maximum salary limit is 15,000! Let us know how (Pension) is calculated
EPS calculation formula
- Monthly pension = (pensionable salary x EPS contribution year) / 70
- Here, assume that the employee begins to contribute to the EPS after September 1, 2014, when the pension contribution
- Will cost Rs! Suppose he worked for 30 years!
- Monthly pension = 15,000X30 / 70 = 6428 Rs!
Entitlement to a pension: Rule for changing the pension system for employees
- The employee should be a member of the employees’ maintenance fund.
- This employee should have at least 10 years of service.
- The employee has reached the age of 58.
- Pension can be claimed at the age of 50, but there will be a reduction in the pension amount. extracted as
- The pension paid is called a “smaller pension”.
- The employee has the right to defer receiving his pension until the age of 60. In such a scenario, everyone
- Credible pension will increase by 4% for the deferred year.
- Employees are entitled to a pension in the event of disability.
Another thing to note is that the maximum and minimum pension of 6 months or more
Workers’ pension system (Employee pension system) 1 year service considered! And if it’s smaller, it does not count! If the employee has worked for 14 years 7 months, it is considered to be 15 years. But if you work for 14 years 5 months, then only 14 years are counted based on service. The minimum pension under EPS is Rs 1000 per month while the maximum pension should be up to Rs 7500.
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