Basic ambiguity in EPF Pension is the defective formula for calculation of Pension. ( Length of service in years multiplied with basic pay and divided by 70). Here length of service is considered from 1/1/1995 and basic pay is taken as Rs. 6500/- maximum ( which is now being considered to increase to Rs. 12000/-) only. Thus if some one retired in 2002 after 30 years of service, will loose 23 years of his service for pension purpose. That is the reason some of the employees has been getting EPF pension as low as Rs. 500/- only which is joke with working community.
Then there is general notion that EPF pensioners have been paid up both the shares (Employees & employer) They forget to see that earlier PF deduction used to be in single or double digits only when salaries used to be in 3 to 4 digits. Naturally the deposits at the end of service have to be very less. This is the reason PF Dept. has been paying very small amount of double shares to workers on retirement which cannot offset the pension criteria.
Then PSO organization like FCI, Pb. Agro Industries Corporation , Markfed etc and many other boards and corporations are directly controlled by Govt. All rules and regulation of Govt. are followed but employees are deprived of the pension criteria used for other Govt. employees. These employees should at least be compensated in EPF pension. more
Then there is general notion that EPF pensioners have been paid up both the shares (Employees & employer) They forget to see that earlier PF deduction used to be in single or double digits only when salaries used to be in 3 to 4 digits. Naturally the deposits at the end of service have to be very less. This is the reason PF Dept. has been paying very small amount of double shares to workers on retirement which cannot offset the pension criteria.
Then PSO organization like FCI, Pb. Agro Industries Corporation , Markfed etc and many other boards and corporations are directly controlled by Govt. All rules and regulation of Govt. are followed but employees are deprived of the pension criteria used for other Govt. employees. These employees should at least be compensated in EPF pension. more
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You may get detail information from RPFC ,EPFO without any hesitation and be awared with the benefits and update and may post it here for interest of all of us more
Sep 01
Recently last year EPFO granted minimum penton Rs 1000/- so also salary cap is increased as DS 15000/- a year from 6500/-/earlier and it got implemented to Rs 1250/- pm is diverted to EPS Pension from EE+ER contribution amoumt . In which organisation you are working Dear Suryaprakasa Rao ? It is mandatory to the organisations under PSU / private / educational institutions / Coop organisations who are members of EPFO and the employees are entileled for EPS contribution too more
Sep 01
