As per the said notification there are actually 3 parts
which are mentioned below:
1) For heads under salary which needs to be COMPULSORILY
covered under PF are Employees earning (Basic wages + DA/Special Allowance +
retaining allowance + cash value of any food concession) up to 15000/-.
1.a) Furthermore, all existing employees who are excluded
and who have filled in Form 11 and are currently not covered by PF by crossing
the limit of 6,500/- will henceforth w.e.f.
1/9/2014 be required to be covered for PF upto 15,000/- monthly salary
drawn as per above definition.
2) Now with regard to Employees Pension Scheme 1995 the
Scheme has also undergone change for those whose pay as on 1/9/2014 is less
than or equal to 15,000/-. This is because Govt. has decided to fix a minimum
pension of 1,000/- per month in all cases of monthly widow pension. Monthly
children pension for each child shall be equal to 25% of amount admissible to
widow of not less than 250/- per month and if not survived by widow and there
are only children, then 75% of amount admissible to widow of not less than
750/- per month. For purpose of calculation prior to 1/9/2014, it will take
into account average monthly drawn pay of last 60 months on pro-rata basis
before leaving the Organization subject to a maximum pensionable salary of
6,500/- per month and after 1/9/2014, up to a maximum pensionable salary of 15,000/-
per month if the member was not in receipt of full pay in the last 60 months.
2.a) Existing Employees Pension Scheme Member as on 1/9/2014
who had been contributing on salary exceeding 6500/- will be required to
exercise a fresh option jointly between employer and employee whether or not,
to continue contributing on salary exceeding 15,000/- per month provided if
there is willingness on both sides, then employee will be required to
contribute an additional 1.16% on salary exceeding 15,000/- from and out of
contributions payable by the employee per month, over and above 1.10% which is
already paid by employer as administrative charges. Please note that this
additional contribution has no relation to administrative charges. This option
is valid for 6 months and extendable by another 6 months if sufficient cause
for delay is accepted by RPFC after which pensionable contribution made if any
will be diverted to PF account with interest. This means that an employee is
not interested in joining the EPS Scheme except for PF & EDLI.
2.b) If an employee does not qualify for pension as per laid
down rule of 10 year service or completion of 58 years of age whichever is
earlier, he can withdraw the benefit as per table “D” or opt for scheme
certificate if member is not 58.
3) With regard to
EDLI Scheme benefit, it has been increased by 20% in addition to
existing benefits.
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