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This video explains the case of retired employees eligible for higher pension as per the supreme court judgement dated 04.11.2022. The EPFO released circular to implement the directions of supreme court on the retired employees case. The timeline was 8 weeks from the date of judgment. Therefore, the EPFO released the guidelines on 29.12.2022. The video while explaining the guidelines also talks about the gist of the SC judgment on this matter.
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Download the circular in the below link
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Higher Pension for Retired Employees prior to 01.09.2014 | EPFO Guidelines 29.12.2022
Retirement is a phase of life that everyone looks forward to after a long and dedicated career. To ensure a comfortable and financially stable retirement, individuals rely heavily on their pension. The Employee’s Provident Fund Organization (EPFO) plays a crucial role in safeguarding the interests of retired employees by providing them with a pension scheme.
In 2014, the EPFO introduced a landmark decision to increase the pension of retired employees who retired before 01.09.2014. This move was made to address the disparities in pension amounts for retirees based on the date of their retirement. Prior to this decision, pensioners who retired prior to 01.09.2014 received a much lower pension than those who retired later.
To rectify this inequality, the EPFO introduced the Employees’ Pension Scheme (EPS) 1995 amendment. According to this amendment, the pension for pre-2014 retirees was revised to a higher amount. The EPFO guidelines dated 29.12.2022 provide detailed instructions on how this higher pension is calculated.
The EPFO guidelines state that the pension for pre-2014 retirees will be revised by multiplying the pensionable salary as on 15.11.2014 by a factor of 2.57. The pensionable salary is the average monthly salary drawn during the 12 months immediately preceding the member’s exit from the pensionable service. This revised pension will take effect from 01.01.2016.
This decision has provided significant relief to retirees who were grappling with lower pension amounts for years. The increase in pension has helped them meet rising expenses, medical needs, and lead a more comfortable life during their retirement years.
Furthermore, the EPFO guidelines also address the issue of arrears for the period between 01.01.2016 and the date of actual implementation of the higher pension. The guidelines state that the arrears will be credited to the pensioner’s account as a lump sum. This ensures that retirees receive the full benefit of the increased pension amount without any delays or complications.
It is important to note that these revised pension benefits are applicable only to those who retired before 01.09.2014. Employees who retired after this date are already entitled to the higher pension as per the EPFO guidelines at the time of their retirement.
The EPFO’s decision to provide a higher pension to pre-2014 retirees is a commendable step towards promoting equity and fairness in pension benefits. It recognizes the contributions and hard work of retired employees and ensures that they can enjoy a dignified and financially secure retirement.
Retirement should be a time of relaxation and enjoyment, free from financial worries. With the higher pension introduced by the EPFO for pre-2014 retirees, many individuals are now able to fulfill their dreams and aspirations during their golden years.
EPFO Guidelines 29.12.2022: Enhanced Pension for Retired Employees before 01.09.2014 appeared first on Inflation Protection.
