EPS Scheme

Their protest is continuing from 2018 in Buldhana in Maharashtra

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Retirement fund body EPFO on Monday decided to allow withdrawal of accumulations in Employees' Pension Scheme 1995 (EPS-95) for those subscribers who have only less than six months of service left. Currently, the Employees' Provident Fund Organisation (EPFO) subscribers who have less than six months of service left are allowed to withdraw the accumulations in their employees' provident fund account only. The EPFO's apex decision making-body Central Board of Trustees (CBT), headed by Union Labour Minister Bhupender Yadav, at its 232nd meeting held on Monday recommended to the government to make certain amendments in the EPS-95 scheme, a labour ministry statement said. The board has recommended to the government to extend withdrawal benefits from EPS account to members who have less than six months of service, it added. Further, the board has recommended extending proportionate pensionary benefits for members who have been in the scheme for more than 34 years. This will help pension

At present, it is mandatory for employees who earn a basic salary plus dearness allowance (DA) of up to Rs 15,000 to enrol in EPS

The move will help higher-income group workers to get higher pensions and is aimed at making the pension fund of the EPFO, which is in deficit, more sustainable

With the ministry's latest decision, such pensioners would receive their full pension after completion of 15 years

EPF Act needs to be changed to allow movement between these two schemes

We will revamp the scheme. Whatever gaps are there, will be plugged, says Dattatreya