Circular
pbhattacharjee/paradeep/iffco
Created: 27/09/2014 12:15
IFFCO-Paradeep

Circular Title:

Employee Pension Scheme - Amendment by Govt. reg.*

Deptt./Section:

P & A*

Never Expired : Yes

We have received following message from HO on the above subject for information of all employees:

QUOTE:
The Employees Pension Scheme 1995, has been amended w e f 1.9.2014 vide Gazette notification dated 22.8.2014 whose salient features are as under:-

1. The wage ceiling has been enhanced from monthly salary of Rs 6500/- to Rs.15000/-

Accordingly, the Pension contribution @ 8.33.% shall be calculated on monthly wage ceiling of Rs 15000/-.

2. The new employees becoming PF member on or after 1. 09.2014 whose monthly salary is more than Rs.15000/- will not be eligible for the EPS membership .

3 For new Employees the option to contribute beyond the monthly salary of Rs 15000 has been deleted.

The existing members who have opted earlier for contributing beyond earlier wage ceiling of Rs 6500/- will have to give fresh option within 6 months.
Such members will have to contribute the Governments share @ 1.16% on salary exceeding Rs 15000/-. If no option is exercised then the contribution made
wage ceiling of Rs 6500/- shall be diverted to the PF account of the member along with the interest as declared under the Employees PF Scheme from time to time.

A copy of the Govt. Notification G.S.R. 609(E) dated 22.08.2014 and Letter from RPF Commissioner dated 29.8.2014 is enclosed.

EPS amendment 2014.pdf
UNQUOTE

Thanks & Regards,

Premankur Bhattacharjee
Jt. GM (HR)