Recommendations on EPS | An Expert Committee constituted by the Government to review the Employees’ Pension Scheme (EPS), 1995, has, inter alia recommended either of the two options below: (i) Introduction of Provident Fund-cum-Pension Annuity Scheme wherein pension is linked to accumulations of members in the Fund or (ii) Modifications in the existing EPS, 95 such as: • increase in wage ceiling from Rs. 6500/- to Rs. 10,000/-; • provision of annual relief of 3%; • a minimum pension of Rs. 1000/- to all categories of pensioners; and • Following modifications in EPS, 1995 to offset the cost of above benefits as much as possible: Pensionable Salary to be calculated as an average of last 3 years of service. Withdrawal option to be deleted. Bonus of 2 years to be disallowed The age of superannuation to be raised to 60 years; and The age for early pension to be raised to 55 years Nominee pension to be disallowed. - See more at: TLDC India ow.ly/o7rf6
Posted on: Wed, 21 Aug 2013 18:23:32 +0000
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