arent (ons oa To, EMPLOYEES’ PROVIDEN (Ministry of Labour & Em ger mde / Bhavishya Nidhi Bhawan, 14, Bhikaii Telephone: 011-2617521 Fax 011-26175212 fafer dot 1, SCT ABI) FUND ORGANISATION loyment, Govt. of India) Head Office saftey Ste a, 14-sterott ape whe, =F fRret-1 10 066. Icama Place, New Delhi ~ 110 066, q B 20 No, Actuarial 8(2)2008/Vol.N/_ % pate? « AUG 2014 te “A 9-4 Aut All Addl. Central P-F.Connissioners (Zones) All Regional P.F.Commissionersel (In-Charge of Region) Sub: Gazette Notification providing for increase in whge c ig under EPS, 1995 from Rs.6500/- to Rs.15,000/- which shall come into forke on and from the 1” day of Sept. 2014. Sir. ‘This is in continuation of this office circular No} Actuary/18(2)2008/ Vol.II1/5905 dated 23.07.2014 wherein it was informed that the Employees’ Pension Scheme 1995 is being amended to increase the wage ceiling from Rs.6, month in the Employees’ Pension Scheme, 1995. 2. The proposed amendments have since been noti J00/- per month to Rs,15,000/- per ied vide Gazette Notification No. GSR 609 (E) which shall come into force on and fropp the 1 day of September, 2014 (Copy of notification enclosed). 3 salary for all cases of exit/death on or after 01,09.201 Accordingly, with effect from the 1" day of leptember, 2014, the pensionable . for calculating pension shall be the average monthly pay drawn during the contributory period of service in the span of 60 months preceding the date of death/exit from the mem! Fund. The pensionable salary shall be calculated on ership of the Employees’ Pension pro-rata basis separately for the period up to 31.08.2014 up to wage ceiling of R46,500/- per month and for the subsequent period upto the wage ceiling of Rs.15, 0 }0/- per month. Similarly, the Withdrawa’ Benefit shall be based on the weighted wakes at different wage ceilings. As already informed necessary amendments in the applicat jon software are being carried out and the necessary software shall be released by LS. Division at the earliest4, Accordingly, requisite steps may be taken so months are available to settle the pension claims it modification. In this regard, Form 10-C & Form 10} incorporate the above changes and shall be circulated wage details be obtained by attaching additional sheet wages along with Form (0-D in respect of all memb 1995. 5. The members having date of exit from] superannuatiorvoption date for commencement of earl hat full details of wages for 60 accordance with the proposed D are also being redesigned to ‘oon, However in the meantime for giving details of 60 months of rs having date of exit from EPS 1995 on EPS, account of pension ete. prior to 01.09.2014 shall get Pensionary benefits on the basis of the existi}g pensionable salary calculaiions i.e. by taking 12 months average. 6. to contribute on salary exceeding Rs.6,500/- per month, Further, with effect from 01.09.2014, wherever have to exercise a fresh option to contribute on salary subject to the condition that such member would hav: share of contribution @ 1.16% on the salary exceedin her share of contribution. The fresh option is to be exe: It is essential to know with certainty the employee: contribute to EPS on higher wages, so that fresh optio: you may immediately flag all such cases of contributis per month and obtain fresh options in a time bound manner. the existing optees that if the fresh option is net exe employee has not opted in allowing contribution over imployer & employees have opted such employer & employees will lexceeding Rs.15,000/- per month to contribute the Government's Rs.15,000/- per month from his ised within a period of 6 months. who are currently permitted to js can be called for. Accordingly, In on salary exceeding Rs.6,500/- It may be made known to ised it shall be deemed that the age ceiling and the contributions to Employees Pension Fund made above the wage ceiling in respect of the member shall be diverted to the Provident Fund account of the memt under the Employees’ Provident Fund Scheme from tiay 7. Furthermore, with effect from 01.69.2014 the pr salary has been deleted and as such no-new options EPS, 1995 on and after 01.09.2014. Jer along with interest as declared to time. visions for contribution on higher in be allowed to any member of8 As EPS will henceforth apply only to EPF me becoming PF member is not more than Rs.15,000/- per} bers whose pay at the time of month on or after 01.09.2014 the entire employer and employee contribution shall remgin in the Provident Fund and no diversion to EPS shall be made for all new PF memb 1s on or after 01.09.2014 having salary more than 15,000/- at the time of joining. This must be ensured as any negligence on this issue may lead to unwarranted litigations, 9. The above actions may be taken without any dey be responsible for compliance of above directions under (This issues with the approv] ‘ation and officer in charge shall his jurisdiction. | of CPFC) DD nia ay [4 (CHANDRAMAULI CHAKRABORTY) REGIONAL #, |.F.COMMISSIONER-I (Pensions)~ THE GAZETTE OF INDIA : EXTRAORDINARY [Par Mgec: 300) 8. ae ah © ter 12 W7a-4e (2) 8 Rafatas cogs serie Pee arty area: aor Fs ser ee After Tera argent ree 1 Fa, 2014 Gp Bert ae ar ee meg are ths ah eae Bs rp Bar re ora ve ae Sah Ts AP fa Pte ae eae ova ofanrg & afta ar 1 Rutter A are 8. ap dio ter 14 Rau, Pea der ae Bear are, ae a meena er Fn PA a Bra Se ek a br aS aE wee Bra er ate AFA ory 58 aE A ny PG, HA EA a, er 12 Hoe (1) Pavitt wa Bar aS, We ee ana Bova fee Brent orale we ar geared aT AG FE PAPL AT 88 FA org gw es oT AL eh aT TT aT RT 2 on a Pe Re EY ERE BGT IAT Sa rg es hs air army 2 Dae er ae stare TH BIT sree og oats ae, aber aftare Bara aor, 1971 Bait oe rags ra fr anf wt agers gogo egar Fight anh es Hoan Pee a FA ae grt Byfi ckeersiat ots aie are aT 1211/2012] Fer Regen afi Reopsth. xo dower 1 Resi 16 aaa, 1995 A sfbagear chem aL, 748(8) fara Ere Per er at -tet Reet are se Rate 14 werd, 2013 Ff after er ara FR, 80.) iiira Fens way ct NOTIFICATION ‘New Deli the 22nd August, 2014 GSR, 09(E}-— In enercise of powers conteried by section 64 read wth Sub-secida (1) of secon 7 af the Enip|ovees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 af 1932). he Cereal Gavarnavent hereby sakes the following Scheme further o amend the Employees” Persion Scheme, 1995, namely |. © U) This Scheme mey’be eslled the Employees’ Peasion (Amendment) Schein, 2014, (2) Install come into force on and from the 1" day of September, 2044 2 __ Inthe Employees’ Pension Scheme, 1995, (hereinafter referred 10 as the principal Senpee), in paragraph 3. ix scé-psrograph 2, 19 the proviso. for the words “rupees six thousand and five hundred”, wherevfr thes occur, the words fitieen thousand rupees” shall be subsite, 3. In the principal Scheme, 19 paragraph 6, in clause (a, after the words, figures and lester “or 27A of the Employees’ Provident Funds Scheme, 1982", the words “and whose pay on such dste is leas fhan or equ to fiNeen iousimd rupees", shall be inserted 4 Inthe prineipal Seteme, in paragraph | 1,- {2) for sb-paragrepin (1) and the proviso thereto, the following shal! be substinted, nanfely:= “(1) The pensionable salary stall be die average monthly pay drain in any manner inelo}i=s on prece rate basis turing contributory period of service in he span of sisty months preceding the date of ex}t Gom the membership ‘of the Pension Fund and the pensionable salary shall be derermined on pro-rata basis for Phe pensionable service up tothe J day of September, 2014, subject toa maximum of six housed and live hufdred rupees pet month - and for the period thereafter atthe maximum of Eeer thessarg repee! per mont Provides ieatif 2 memter was, full pay dusing'the pertoc of sit} months preceding the ‘ay he ceased te be the memter’of the Pension Fund, the average of previous slaty mahths fill pay crewn by him curing the period for which constibution to the pension fund was recovered, shal] Bf Ickea inko account: pensionable salary for calculating pension; _ - @(om 5 30) se eH RT 5 (2) insub-paragraph (2), forthe Figures and word “12 months", wherever they oecfr, the words “sixty months shall be substituted: (6) in sub-paragraph {i for te words, iners au Sgures “rupees six thousand and Fve hundreds. 6500", the words “fiteen thousand rupees” shal be substnned, {) the proviso shall be omitied (@), afer sub-paragraph (3), the following sub-paragraph shall be inserted, namely. “4) The existing members as on the I* day of September, 2014, wh at the pprion of the employer and eimplayer, had been contbuting on salary exceeding six thousand and five hundred rupees per month, may on a fresh option to be exercised joimty by the mmplyer and employee continue w eopiribute on salary éxcceding Filteen housed rupees ger mont Provided that the afoyesaid members have to contribute at the cate af |.16 per cent on salary exceeding, {nde thousind rupees as an additional contyibution fror and out of the contributiobs payable by the employees foreach mouth under the provisions of the Act or the rules nrade thereunder: Provided further that the Tresh option shall be exercised by the member wftbin a period of six months ‘io the 1" day of September, 204 Provided also thar the patiod specified in the second proviso may, on suffifient cause being shown by le momber, be extended by the Regional Provident Fund Commissioner for a furtHer period not exceeding sin roms Provided also that H no option is excised by the enemaber within such perpod (including the extended psiod) iy shall be deemed thet the member fas nel opted for conmmbstion de> wage selling end tions to the Pension Fund made over the wage ceiling in espect of the merpber shall be diverted to t= Fond account of the member aloog with interest 26 declared under the ilmployzes’ Provident Fund Scheme from time to time. $n the principal Scheme in paragraph 12, io sut-paragrapl (2), he following proviso file inserted, namely:~ Provided that the members! monthly pension shall be de service vp t0 the 1" day of Septersber. 2514 at the maximuin persionable salir af six thousend «: ‘aud rupees per month sn forthe period thereafier at the maxims pensionablt salary of fifteen supers per moseh mined on » provrats| basis fon the nensignable 6 Inthe principal Se nie 14. Benefits on leaving Service before being eligible for monthly member's perfion.~ 1f s mem rendered the eligible service specified in sub-paragraph (1) of paragraph |? on the date of exit, or of ataining the 58 years of age, whichever is earlier, such member shall be enitled re & withdraypal benefit os oid daw it: Table ‘D'or may opt 10 receive the Scheme certificate provided on the daf@ he has no} pained 58 years of age 1, Jor paragraph La the following paragraph shall be substi Provided that for eateslating such withdrawal benett, the wages al exit st cl his wages atthe end of every wage ceiling period: be the weighted average Provided further that an existing member shsli receive additonal rerum of conteibutions for his past service under the Employees’ Family Pension Scheine, 197), compute ay wilhdrav.gl-cum-retirement benefits vs pat Table “A” mukiplied by the factor yiveo in Table" [F.No. $-35012/1/2012-58-18) ARUN KUMAR SINBA.AGdL Seoy Note: The pritcpa Scheme wae published inthe Gaze of dia, Esrerdiner, Fat, Sect pn 3, Sebseccon (we netificotiori sumber G.S.R, 748 (E), dated the 16th November. 1993 and last amended vide nptificatioa number G.S R. SNE) dated the Mth Febuary, 2013 afigen ae feet. 22 HG, 2014 aL aT A610(@) aden wig AY aut werd sray affen, 1992 (1952 a1 19) Hr - a 7% Tears Gy ane ogy ort or ort ger afte ci fet gr ee ao 4 q faafetirs iret wart 2, xetq: saad Rag agag ate are, 1976 8 sit deter aa 1 O) e dey start frre egag ater (sees) drran. 2006 sear phi 3297 STU