EPF Limit increased to Rs. 15000 from Rs. 6500 wef 01.09.2014
Vide notification dated 22.08.2014 Ministry of Labour and Employment has increased Employee Provident Fund (EPF) Limit to Rs. 15000 from existing Rs. 6500 wef 01.09.2014.
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 22nd August, 2014
G.S.R. 608 (E).—In exercise of the powers conferred by section 5 read with Sub-section(1) of Section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby-makes the following Scheme, further to amend the Employees’ Provident Funds Scheme. 1952, namely:-
I (1) This Scheme may be called the Employees’ Provident Funds (Amendment) Scheme, 2014.
(2) It shall come into force on and from the Ist day of September, 2014.
2. In the Employees’ Provident Funds Scheme, 1952,-
(a) in paragraph 2, in clause (1), in sub-clause (ii), for the words “six thousand and five hundred rupees”, the words ” fifteen thousand rupees” shall be substituted;
(b) in paragraph 26. in sub- paragraph (6), for the words “six thousand and five hundred rupees’`. the words “fifteen thousand rupees” shall be substituted;
(c) in paragraph 26A, in sub-paragraph (2), in the proviso, for the words “six thousand and five hundred rupees”, wherever they occur, the words “fifteen thousand rupees” shall be substituted.
[F. No. S-35012/112012-SS.11]
ARUN KUMAR SINHA. Addl. Secy,
———————————–
NOTIFICATION
New Delhi, the 22nd August, 2014
609(E),— In exercise of powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995. namely:—
I, (1) This Scheme may be called the Employees’ Pension (Amendment) Scheme, 2014.
(2) It shall come into force on and from the 1stday of September, 2014.
2, In the Employees’ Pension Scheme, 1995, (hereinafter referred to as the principal Scheme). in paragraph 3, in sub-paragraph 2, in the proviso, for the words “rupees six thousand and five hundred”, wherever they occur, !he words “fifteen thousand rupees” shall be substituted.
3. In the principal Scheme, in paragraph 6, in clause (a), after the words. figures and letter “or 27A of the
Employees’ Provident Funds Scheme, L952″, the words “and whose pay on such dare is less than or equal to fifteen thousand rupees”, shall be inserted.
4. In the principal Scheme, in paragraph It,-
(a) for sub-paragraph (1) and the proviso thereto, the following shall be substituted, namely:-
11) The pensionable salary shall be the average monthly pay drawn in any manner including on piece rale basis during contributory period of service in the span of sixty months preceding the date of exit from the membership of the Pension Fund and the pensionable salary shall be determined on pro-rata basis for the pensionable service up to the V’ day of September, 2014, subject to a maximum of six thousand and five hundred rupees per month and for the period thereafter at the maximum of fifteen thousand rupees per month:
Provided that if a member was not in receipt of fun pay during the period of sixty months preceding the day he ceased to be the member of the Pension Fund, the average of previous sixty months full pay drawn by him during the period for which contribution to the pension fund was recovered, shall be taken into account as pensionable salary, for calculating pension;
(b) in sub-paragraph (2), for the figures and word “12 months”, wherever they occur, the words -sixty months” shall be substituted;
(c) in sub-paragraph (3),-
(i) for the words, letters and figures “rupees six thousand and five hundred/Rs, 6500”, the words “fifteen thousand rupees” shall be substituted;
(ii) the proviso shall be omitted.
(d) after sub-paragraph (3), the following sub-paragraph shall be inserted, namely:-
“(4) The existing members as on the 11′ day of September, 2014, who at the option of the employer and employee, had been contributing on salary exceeding six thousand and five hundred rupees per month, may on a fresh option to be exercised jointly by the employer and employee continue to contribute on salary exceeding fifteen thousand rupees per month:
Provided that the aforesaid members have to contribute at the rate of 1.16 per cent on salary exceeding fifteen thousand rupees as art additional contribution from and out of the contributions payable by the employees for each month under the provisions of the Act or the rules made thereunder:
Provided further that the fresh option shall be exercised by the member within a period of six months from the I g day of September, 2014:
Provided also that the period specified in the second proviso may, on sufficient cause being shown by the member, be extended by the Regional Provident Fund Commissioner for a further period not exceeding six months:
Provided also that if no option is exercised by the member within such period (including the extended period), it shall be deemed that the member has not opted for contribution over wage ceiling and the contributions to the Pension Fund made over the wage ceiling in respect of the member shall be diverted to the Provident Fund account of the member along with interest as declared under the Employees’ Provident Fund Scheme from time to time,
5. In the principal Scheme in paragraph 12, in sub-paragraph (2), the following proviso shall be inserted. namely:-
“Provided that the members’ monthly pension shall be determined on a pro-rata basis for the pensionable service up to the day of September, 2014 at the maximum pensionable salary of six thousand and live hundred rupees per month and for the period thereafter at the maximum pensionable salary of fifteen thousand rupees per month”.
6, in the principal Scheme, for paragraph 14 the following paragraph shall be substituted, namely.-
“14. Benefits on leaving service before being eligible for monthly member’s pension.- if a member has not rendered the eligible service specified in sub-paragraph t I) of paragraph 12 on the date of exit, or on mining the 58 years of age, whichever is earlier, such member shall be entitled to a withdrawal benefit as laid down in Table ‘V or may opt to receive the Scheme certificate provided on the date he has not attained 58 years of age:
Provided that for calculating such withdrawal benefit, the wages at exit shall be the weighted average of his wages at the end of every wage ceiling period:
Provided further that an existing member shall receive additional return of contributions for his past service under the Employees’ Family Pension Scheme, 1971, computed as withdrawal-cum-retirement benefits as per Table ‘A’ multiplied by the factor given in Table ‘8’ “.
[F.No. S-35012/1/2012-SS-111]
ARUN KUMAR SINHA, Addl. Secy.
Note: The principal Scheme was published in the Gazette of India. Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 748 (E), dated the 16th November, 1995 and last amended vide notification number G.S.R. 80(E) dated the 14th February, 2013.
————————————-
NOTIFICATION
New Delhi, the 22nd August, 2014
G.S.R. 610 (E). —In exercise of the powers conferred by nation 6C read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following scheme further to amend the Employees’ Deposit-Linked Insurance Scheme,1976, namely:-
1. (l) This Scheme may be called the Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2014.
(2) It shall come into force on and from the l’ day of September, 2014.
2. In the Employees’ Deposit-Linked Insurance Scheme, 1976 (hereinafter referred to as the principal S&me), in paragraph 7, in sub-paragraph (1), for the words “six thousand five hundred rupees”, the words “fifteen thousand rupees” shall be substituted.
3. In the principal Scheme, in paragraph 22, in sub-paragraph (3),-
(a) in clause (i), for the words “six thousand five hundred rupees”, the words. -fifteen thousand rupees” shall be substituted;
(b) in the Explanation, for the words “rupees six thousand five hundred”, the words “fifteen thousand rupees” shall be substituted.
4. In the principal Scheme, in paragraph 22, after sub-paragraph (3), the following sub-paragraph shall be inserted, namely:-
14) The benefit under this Scheme shall be further increased by twenty percent in addition to the benefits admissible under sub-paragraph (1), (2) or (3) of paragraph 22, as the case may be.”.
[F. No. S-35012/112012-SS.111]
ARUN KUMAR SINHA, Addl. Secy.
———————-
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 19th August, 2014,
GSA. 593 (E).— In exercise of the powers conferred by section 6A, read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme,1995, namely:-
1. (1) This Scheme may be called the Employees’ Pension (Second Amendment) Scheme, 2014,
(2) It shall come into force on the 1st day of September, 2014.
In the Employees’ Pension Scheme, 1995 (hereinafter referred to as the principal Scheme), in paragraph 12, after sub-paragraph (7), the following sub-paragraph shall be inserted, namely:-
17A) The monthly member’s pension including any relief payable to any existing or future member under this paragraph shall not be less than one thousand rupees for the financial year 2014-15.”.
3. In the principal Scheme, in paragraph 15, for the words, brackets and figures “sub-paragraphs (2) to (5) of paragraph 12, as the case may be,”, the word and figures ” paragraph i 2″ shall be substituted.
4. In the principal Scheme, in paragraph 1b,-
(a) in sub-paragraph (2), in clause (a), after sub-clause (iv), the following sub-clause shall be inserted. namely:-
“(v) in all the cases, where the monthly widow pension including relief, if any, is less than one thousand rupees per month, the amount of monthly widow pension in such cases shall be enhanced to one thousand rupees per month for the financial year 2014-2015.”;
(b) in sub-paragraph (3), for clause (b), the following clause shall be substituted, namely:-
“(b) Monthly children pension for each child shall be equal to 25 per cent of the amount admissible to the widow of the deceased member as monthly widow pension payable under clause (a) of sub-paragraph (2):
Provided that the minimum monthly children pension including relief, it’ any, for each child of the deceased member shall not be less than two hundred and fifty rupees per month for the financial year 2014-2015.”;
(c) in sub-paragraph (4), for clause (a), the following clause shall be substituted, namely:-
“(a) if the deceased member is not survived by any widow, but is survived by children falling within the definition of family or if the widow pension is not payable, the children shall be entitled to a monthly orphan pension equal to 75 per cent of the amount of the monthly widow pension as payable under clause (a) of sub-paragraph (2):
Provided that the minimum monthly orphan pension including relief, if any, for each orphan shall not be less than seven hundred and fifty rupees per month for the financial year 2014-15.”,
[F. No. 11-15025/312007.SS-11/PUII
Foot Note.- The Employees’ Pension Scheme, 1995 was published in the Gazette of India vide notification number G.S.R. 748(E), dated the 16th November, 1995 and was lastly amended vide notification number G.S.R. 80(E), dated the 11th February, 2013.
Sir
Pls send the latest pension formual
Old formaula : lastdrawn salary * no of service / 70
The Above formula correct or Not pls tell me. and send the new forwmula
Thank you
I am an existing employee, ie, joined before 1st Sep-2014 and contributing to EPF and EPS on actual salary (Basic =DA) ie, over and above the wage ceiling, (now Rs 15000).I want to know, the amount on which administrative charges like EDLI and others are calculated? On actual wages or on Rs.15000/- the wage ceing?
I am employee of PSU will be retire on 31.12.2014 how much pension I will get.
WHAT IS MINIMUM BASIC SALARY FOR PF DEDUCTION IS COMPULSORY
sir, i am retire person from state govt. of m.p. from land development corporation.
I have taken V.R.S.In The Year 2001 an getting pension rs.443=00.
I have communicated rs. 200/- at the time of my retirement then amount rs. 200/- for 10 years after 10 years i am not getting rs. 200/- in my pension.
Why this is a so and let me know my pension at present.
My P.P.O. no. M.P./IND/14101
A/C. no.M.P./BPL/3583/157
Retirement of the post of Executive engineer and served corporation 22 year
Regards
G.P. PATHAK
INDORE
– See more at: https://taxguru.in/corporate-law/employee-provident-fund-epf-limit-increased-rs-15000-rs-6500-wef-01092014.html#sthash.mKpTl9mS.dpuf
Dear sir,
I GOT THE SCHEME CERTIFICATE FROM EPF IN THAT THEY ARE STATED PENSIONABLE SALARY IS Rs 6500,PL CLARIFY THAT HOW MUCH AMOUNT I WILL GET
AS A PENSION.MY LAST BASIC WAS Rs 27000 AND YR OF SERVICE IS AROUND 19 YRS
sir, i am retire person from state govt. of m.p. from land development corporation.
I have taken V.R.S.In The Year 2001 an getting pension rs.443=00.
I have communicated rs. 200/- at the time of my retirement then amount rs. 200/- for 10 years after 10 years i am not getting rs. 200/- in my pension.
Why this is a so and let me know my pension at present.
My P.P.O. no. M.P./IND/14101
A/C. no.M.P./BPL/3583/157
Retirement of the post of Executive engineer and served corporation 22 year
Regards
G.P. PATHAK
INDORE
Hi taxguru,can u differentiate pension options A and B,I’m working in a psu n my wife too working in the same psu,so need ur help..kindly reply…we both joined in the company in 2011 n my age 28 n my wife age 26,help me to opt…
Sir,i am working in dist co operative central bank and retired 2005 July, i am getting monthly pension Rs.740/ am i eligible to take as per 15000/salary My pension a/c no:49055.kindly inform to me what is amount eligible.by me
Sir,
Kindly guide me on following –
I am working in pvt company and from 01.02.12 to 30.09.14 my PF deduction Rs. 780/- Per month i.e. on Rs. 6500/- and the PF Slab is change from 6500/- to 15000/-. Can company deduct PF on 6500/-? or 150000/-?.
Also can change my basis salary? Currently my salary structure is as below
Basic -4908.50, HRA -2454.25, Conv – 800/-, sp. Allow – 1654.25 total =Rs. 9817/- (Gross Salary) from my Gross Salary Company Deduct Rs. 780/- PF i.e. on Basis Amount of Rs. 6500/- instead on my actual basic amount Rs. 4908.50
Also company not provide us PF Slips from 2012 only PF No. allot or our status not reflect on EPFO Balance Portal and when we search our PF Status on EPFO Portal Message recived – Name mismatched. Kindly confirm can our company really deposit our PF amount or not??
Also confirm can company deduct employee and employer share of PF from Employees salary?? and now can company deduct PF on 15000/-? with continuing my old basic i.e. Rs. 4908.50/-??
Please reply soon.
Thanks and Regards.
Mangesh
latest pension calculation formula required.
best rgds
Hi,
I have a Query related to Employee Provident Fund (EPF) and Employees Pension Scheme (EPS).
The 12% of monthly basic salary goes to EPF (employee contribution) and same as employer contribution.There are two parts of employer contribution .
First is 8.33 % of basic salary goes to Employees Pension Scheme (EPS). Earlier It was fix as 541.00 before September 2014. But now it 8.33% of basic salary (>15000).
I just want to opted out this pension fund scheme (EPS only ) and I want the total 12% of employer share will to Employee Provident Fund (EPF).
Is It possible?
Sir, I want to know that our one employee Salary is of Rs. 15,200/- and our company has set the basic of Rs. 8,500/- still we have not alligible to paid the PF. Can we set our basic of Rs.15,000/- ? Kinldy suggest for the same.
Kindly let me know the calculation / formula of PF pension for the increased limit of Rs.15000/-. Whether the same formulae of 6500/- i.e. number of years of services x 6500 (now 15000) divided by 70 will be applicable or different and calculate my pension as the details given below:
Date of Appointment:21.3.1984
EPS Scheme start from 16.11.95
Date of Retirement: 30.6.2017
deduction on 6500 upto 31.8.2014
deduction on 15000 from 1.9.2014 to 30.6.2015(completion of 58 years)
please send the details on my email: dp1756@yahooo.co.in
If My Basic pay is more than Rs.15000/- p.m., whether i am eligible for deduction for EPF or not.
Dear Sir,
Any exception is there we no need pay HRA allowance for pf
Dear Sir,
My Gross salary is 10000 basic=4000,da=1000,hra=800,special allowance is=4200
but my company is deducted pf amount is 1104.it’s wright or wrong.because there are not consider hra amount
Sir
My basic salary is Rupees 20264.00 but my company is deducting Rupees 1800.00 when i asked they said as per government new rule whose salary is equal or more than 15000.00 their pf amount will 18000.00 no matter whatever their basic salary. Sir please response me in details
Sir i am working in pvt sector since 2004, where more than 600 employees. MY CTC was 7600. my employer showed my ctc salary in basic salary, for example my basic salary was 7600 pm & my ctc salary was same 7600 pm. So it was told me that my basic is more than 6500, So my PF was not deducted till previous month. Now the PF rules has changed, now my employer is giving me PF advantage from last month. Now my salary is 13000 Pm. I want to know can i claim my previous PF which was not given me so many years.
kindly advice me
Sir,
I am working in pvt sector since 2005 onwards intially my basic salary is 6000 at present it is prevailing on 16000. now may age is 48 what will be the pension on retiring if i work till to 58 years also provide details if i retire now only.
DSSREDDY
9397189118
For getting pension from EPF
BEFORE SEPT. 14
Pensionable Service 10 year minimum
Pensionable Salary ( before Sept.14) 6500/-
Calculation is 10 X 6500/70 = 928.50 i.e. Govt fixed
Rs. 1000/- pm
What will be after Sept.14
I was retired from public sector undertaking in the year 2012.My epf pension is Rs.1909/-. will I be benefited by the schemes announced by Govt. to enhance the limit from Rs.6500 to 15000. Please clarify –
RESPECTED SIR,
KEYA NHM DEP. OF HEALTH KE SAMVIDA KARAMCHARIYO KA BHEE EPF LAAGO HOGA
Is there any option to opt out from EPS if already a member?
My simple question is that when I retired from the office of NCCF on 31st December,2009, my monthly pension was effected from January,2010 was
Rs. 1819/-. As per Govt. of India circular, my pension amount was not enhanced. I do not know why enhanced pension rate was not given effect to in my Pension
Account from September,2014? Please let me know so that my anxiety will be over.
WITH PROFOUND REGARDS
R. N. THAKUR
I want to know that is there any rule available in this New PF scheme, that my basic salary should increase from old one for deduction of PF as per new rule?
Can Any one help me out to understand this rule?
My Monthly salary is 11000 my gross salary is 10,633 (29Days)
however my Chq amount is 9505(PT & PF Deductd)
Calculation Pls
When in 2001 limit was raised from 5000 to 6500, was the pension amount was raised for the pensiors already drawing pension prior to 2001 ?
If yes then this enhancement will benefit the existing pensioners.
Hi
I recently got retired from the service on completing the 58 years. (30/06/2014). I am getting the pension amount Rs 2162/.
As per the Govt Notification am I be eligible for any revision in the pension amount which is given to me? Please clarify the doubt.
Sir , im workin in private organisation since 4 1/2 years .Before my basic was 3500 & DA was 1000rs but now after alterations in EPF my basic is 4500rs & DA has been deducted to 750rs.Is it possible sir ,,N before my epf was 540rs BUT nw its 630rx only..IS IT correct N according to new policy or not.. Please help me out….
Thank you. It is very very informative.
I am retired from NCCF being a multi state cooperative society under the administrative control of Ministry of Consumer Affairs and Public Distribution, Govt. of India on 31st December,2009.My epf pension is Rs.1819. Will I be benefitted by the schemes announced by Govt. to enhance the limit from Rs.6500 to 15000. Please clarify.
sir
my gross salary is Rs. 21240/- (basic 6500 + residential allowance 2100 + book & periodicals 300 + children education allowance 500 + Special allowance 11840/-)
as on 31.08.2014, my EPF deducted on Basic Rs. 6500/- i.e. 780/- per month.
NOW MY QUESTION IS THAT after notification dated 28.08.2014 by MINISTRY OF LABOUR, GOVT. OF INDIA, on which amount my EPF is deduct,
please clearify my with clause number of Employees Provident Fund Organisatio.
Hi,
anyone can explain about NPS for General Public…
its may be announched on 2011 itself.
thansk!!
Dear Sir
My Questions are
1. i m working in private school (+2) 25 yr old school. total working employees are 81. cant i m eligible for PF?
2. salary more than 15000. total work experience 4 yr in same + 6yr or which rule are their for private schools?
sir plz reply as soon as possible because we are facing problem with management.
i
Requesting enlightened ones to reply for my doubts/ understandings:
1. Please Clarify: In an employee’s basic pay is more than Rs.15000/- as on 1.8.2014 and he is a member of EPF scheme since 2006. Till 31.08.2014 then is it compulsory to deduct PF after 31.08.2014 or it is optional for employee. Please confirm. My mobile No is 09833808240. Please please help.
Sir.
If any new formula is made for the calculation of pension after retirement as made in 1995 earlier if so pl let me to know about it and service period to.
Regards.
Iqbal Singh.
sir.
if any new formula is made as on 1995 pl let it to know me and min. service period requrired.
Regards.
IQBAL SINGH
I am working with a MNC in Noida, here more then 5000 employees are working.
Before sep’14 My CTC was 19,200 and in hand salary was 15311 (Basic was 10200) my company was not deducting EPF till Aug’2014. Now company revised salary and at this time my current in hand salary is just 13,440 (Now Basic salary is just 4000) and company is deducting EPF from Sep’2014.
Company revised salary structure and deducting EPF from employees account.
***** Please do something needful, all employees are very disappointed.
Mobile: 9899973751 please please please please help.
Hi
Requesting enlightened ones to reply for my doubts/ understandings:
1.Existing contributors whose Basic is more than Rs.15000/- then 1.16% on what amount to be paid to Central Govt. ( Central Govt.Contribution )Is this limited ie 1.16% on 15000/- or the entire amount? Since the Maximum Pension is calculated on Rs.15000/- Then where is the quuestion of 1.16% on Salary over and above Rs.15000/-
2. Please Clarify: In an employee’s basic pay is Rs.20000/- as on 1.8.2014 and he is a member of EPF scheme since 1996. Till 31.08.2014 his contribution towards EPF goes Rs.2400/- p m and employer contribution Rs.1859/- goes to EPF account and Rs.541/- goes to Pension Account per month. In this case he is not contributing 1.16% towards Central Govt contribution. What will be the effect from 1.9.2014 . Rs.2400/- will go to his EPF account . and 8.33% on Rs.15000/- ie 1250/-go to Pension contribution and rest Rs.1150/- go to EPF again. In this case on what amount he has to pay @ 1.16% to Govt. is it on Rs.15000/- or on 20000/-.
If on Rs.20000/- what is the additional benifit he is going to get while getting pension ? Since the pension is restricted on max amount of Rs, 15000/- please clarify.
Thanks
Giriraj
GREAT………………………………..
For getting pension from EPF
BEFORE SEPT. 14
Pensionable Service 10 year minimum
Pensionable Salary ( before Sept.14) 6500/-
Calculation is 10 X 6500/70 = 928.50 i.e. Govt fixed
Rs. 1000/- pm
What will be after Sept.14
Hi
My salary is 21,500 but my basis is 8500. Currently my company is not deducting my pf but due to new rules my company insist to deduct pf both the proportion from my salary, as we are been given salary on CTC basis. I dont want to deduct pf from my salary so please provide me information on provision so that i do not have to deduct pf from my salary.
Sir
I have received a Daily batta from our Hotel Industries for Weekly basis.The Daily batta will calculate for P.F Contribution or not.
Regards Rajakumar
my oustn is employee salary 10000 how to calculate pf
and then above 15001 there will be compulsory contribute or not and employeer will decided what?
Sir, My pay is increased in Sept-14 beyond Rs.15,000.00. As per new amendment, I will opt for higher pension? in the month of Sept-14 or not, if I am unable to submit my option, within one month, I was not member of higher option. please clarify the same and option form availale details also. Thanking you sir,
Dear Ashok
1. your EPF Contribution is 1800/- per month.
2. Your EPF Salary has to be calculated as an amount (Gross – 40% of your basic salary) if it exceeds 15K you can contribute upto 1800/- but if it below 15K you need to remit on actuals.
Sir my basic salary is 11333 rupees and employee contribution is 780 rupees kindly tell me calculated contribution of my pf of both employee and employer as per new rules.
Sir,
My Gross Income is Rs. 19184/- Basic Rs. 10260/- + other Allowances.
My question is
a. The Amount of PF, is to be deducted from my salary.
b. What will be the Employer contribution ?
c. Whether any allowance i.e. Special Allowance will be reduced for Employer Contribution to meet CTC.
my salary 15300 and my basic salary 10400
1.idont have EPF account ,can i elegible for the EPF account please tell me the answer