28 lakhs individuals to benefit from the new pension scheme!
Posted on: 03/Sep/2014 2:43:54 PM
28 lakhs individuals to benefit from the new pension scheme!
EPFO (employees’ Provident Fund Organisation) collector for Chennai Region, Mr. S. D. Prasad, has released an announcement that the EPF Plan 1952, Employees’ Pension Plkan 1976 & Employees income-based Insurance Plan 1976 are modified. The modifications effective from September 2014 have been informed to all subscribers, pensioners & their families:
· Maximum monthly income has been raised from Rs. 6500/- to Rs. 15000/-. 50 lakh employees will benefit from this.
· Minimum monthly pension has been raised to Rs. 1000/-. 28 Lakh individuals will benefit by this.
· Based on the consent of the Employees & Employers preference, if extra PF has been subscribed paid in excess for the monthly salary in excess of Rs, 6500/-, they have to submit preference & pay the extra PF from 1st September, 2014, for those earning in excess of Rs. 15000/- per month.
· These subscribers will also have to pay the government’s share of 1.16% from their monthly earnings. If the preference for this proposal is not given within 6 months, it will be decided that these employees are not interested and any excess amount paid above the prescribed amount will be brought under the PF account. Further, additional subscriptions over the maximum prescribed amount, has been stopped.
· The scheme, effective from 1st September, 2014, will be valid only for new subscribers earning a maximum monthly salary of Rs. 15000/-. For those new subscribers earning more than Rs. 15000/-, there will be no share from EPFO for the pension scheme.
· The maximum amount to be invested in EPFO has been raised from Rs. Rs, 1,56,000/- to Rs. 3,60,000/-. This means that in case of the subscriber’s death, his/her family will get a maximum of Rs. 3,60,000/-.
